FIRS Revitalises Tax System, Generates N3.94trn Revenue In Q1

The Federal Inland Revenue Service (FIRS) has stated its commitment in restructuring the tax system that will boost economic growth and development within the nation.

This is as FIRS said it generated N3.94 trillion revenue in the first quarter (Q1) of 2024. An exemplary initiative in this regard is the unveiling of the National Single Window, a program that has significantly bolstered economic growth. By streamlining processes and reducing bureaucracy, this initiative has facilitated easier access to global markets for businesses, particularly at the nation’s ports, thereby enhancing operational efficiency and increasing government revenue.

The chairman of FIRS, Dr. Zacch Adedeji represented by special adviser on Tax Policy, Femi Olarinde and other officials of the agency disclosed this to news men during a media parley held in Lagos.

Olarinde stated that “since assuming office in September 2023, great progress has been made under Adedeji leadership.” He highlighted the significant improvement in tax compliance among international shipping companies engaged in crude oil lifting operations in Nigeria.

“Notably, the Agency, under Adedeji stewardship, surpassed its revenue target for 2023 by collecting a commendable N12.36 trillion, representing 107 percent of the set target of N11.55 trillion.

“Another feat of the Agency is the achievement of 81 percent of the collection of first quarter 2024 revenue amounting to N3.94 trillion being an all-time highest in the same quarter and 56 percent higher than Q1 2023.

“The FIRS has equally integrated nine new modules on the tax administration system, TaxProMax, automating over 80 per cent of manual processes.”

He added that “Adedeji, through strategic planning and innovative initiatives, has transformed the tax office into a modern and efficient ‘One-stop shop’ system that caters to various taxpayer categories.

“By categorising taxpayers into Large, Medium, and Small segments, the office has successfully boosted customer satisfaction levels and significantly decreased complaints from the fourth quarter of 2023 to the first quarter of 2024.

“Furthermore, the Agency has made significant strides in simplifying tax-related procedures by providing tailored services and enhancing tax education programs, resulting in a notable 20 percent increase in tax compliance rates.”

According to him, the recent reorganisation of the FIRS underscores the Agency’s commitment to optimising operations, improving efficiency, and fostering a customer-centric culture. The revised structure now prioritises People-Centric solutions, Effectiveness & Efficiency measures, Cohesiveness, Data-Driven Approaches, Adaptability, and cutting-edge Innovation, aligning the FIRS with its new strategic objectives. These strategic shifts demonstrate the agency’s dedication to meeting evolving targets and ensuring enhanced service delivery to all taxpayers.