BGT News

The Federal Inland Revenue Service (FIRS) on Friday said it generated N4,178 trillion in taxes from January to October 2020.

A senior compliance official Ezra Zubairu said the target for the period was N4.23 trillion, indicating that the amount generated represents 99 percent of the target for the period.

Mr. Zubairu, who said he represented FIRS chairman Muhammad Nami at the event, said revenue generation improved tremendously in spite of the challenges posed by the COVID-19 pandemic.

Mr. Zubairu said the focus of the 34th edition of the 2020 Trade Fair was in line with President Muhammadu Buhari’s agenda of positioning Nigeria on the global map as a great trade and exporting nation.

“The sum of N4,178 trillion has been generated by the Federal Inland Revenue Service from January to the end of October 2020.

“The target for the period was N4.23 trillion. The amount generated represents 99 per cent of the target for the period.

“The target for the whole year is N5.76 trillion,” he said.

The FIRS chief said the service, putting the plights of taxpayers into consideration, introduced some palliatives to cushion the effect of the pandemic.

The palliatives include: additional window of penalty and interest waiver for the business that pay up in full, the principal portion of their outstanding liabilities between November 4, 2020, and December 31, 2020.

This, he said, provided the outstanding arrears resulted from (a) self-assessment (b) government assessment arising from desk audit, field audit or investigation.

However, the window of opportunity for waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment will close on December 31, 2020.

“Consequently, all concerned taxpayers are to note that after the expiration date of December 31, 2020, the revenue office shall recover all outstanding debt with penalties and interest.

“In accordance with the provisions of the extant tax laws such as “the power of substitution” conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007,” he said.