FIRS Celebrates Historic Tax Revenue Milestone, Announces Nationwide Compliance Monitoring Exercise

The Federal Inland Revenue Service (FIRS) proudly declared on October 9, 2023, a remarkable achievement of collecting N5.5 trillion in tax revenues during the first half of the fiscal year, spanning from January to June 2023, the highest-ever tax revenue collection recorded by the Service for any first six months of a fiscal year.

As a result of this accomplishment, the FIRS is planning a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) Compliance monitoring operation that will begin on Monday, October 23, 2023. This activity is part of FIRS’s ongoing commitment to ensure that all taxable firms follow VAT and WHT legislation.

In a notice signed by the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, it is made abundantly clear that all taxable individuals or tax agents who have withheld VAT or WHT on behalf of the Service must expeditiously remit these deductions to the FIRS. This requirement must be fulfilled within two weeks from the date of this publication, underscoring the agency’s dedication to improving the overall tax compliance ecosystem.

This momentous announcement by the FIRS not only highlights their dedication to increasing revenue collection but also underscores their vigilance in ensuring the fairness and effectiveness of the tax system. Taxpayers and entities are urged to cooperate with the FIRS during the compliance monitoring exercise and promptly adhere to the remittance timeline, demonstrating their commitment to the national tax framework and contributing to the country’s economic development.