Amid economic challenges worsened by changing oil prices and COVID-19, the Federal Inland Revenue Service (FIRS) has recognized the critical need for innovative revenue generation methods. Therefore, FIRS has introduced TaxPro Max as a solution to address Nigeria’s critical revenue problems.
The introduction of an input VAT credit mechanism and the modification of the sales adjustment process are among the key changes implemented by FIRS. The input VAT credit mechanism mandates suppliers to remit VAT collected from customers using a new sales schedule format, while the sales adjustment process requires taxpayers to provide additional information for adjustments, with VAT credit reversals for prior month adjustments.
One of the notable features of TaxPro Max is its robust e-Payment system. Taxpayers can make payments through multiple channels, including online platforms, direct debit, debit cards, and integrated payment gateways such as Remita, InterSwitch, and eTransact. Installment payments are also supported, allowing taxpayers to manage their cash flow more effectively. Before committing to an installment payment agreement, taxpayers can view and calculate payment amounts and schedules, promoting transparency and financial planning.
In addition to facilitating tax payments, TaxPro Max generates e-Receipts for payments made, which are automatically sent to the taxpayer’s registered email address. These FIRS-branded receipts serve as tangible evidence of payment and can be verified for authenticity by scanning the QR code provided. Furthermore, taxpayers can easily request and obtain Electronic Tax Clearance Certificates (e-TCC) through TaxPro Max. Upon approval, the e-TCC is promptly delivered via email, offering convenience and efficiency in obtaining essential tax documents.
TaxPro-Max holds the potential to stimulate economic growth by improving the ease of doing business in Nigeria. Simplified tax procedures and streamlined processes enable businesses to focus their resources on productive activities, driving innovation, investment, and job creation across various sectors of the economy.
Meanwhile, the old method used to be cumbersome, which requires a visit to the FIRS office or hiring of an agent to support the processes of acquiring TIN Number and payment of tax, but with TaxProMax, its a Do-it-yoursef DIY process which simply means, once you have your code, you can do everything on your own and from your comfort zone.
The measures taken by the Federal Inland Revenue Service (FIRS) under the leadership of Dr Zacch Adedeji are a good one. The introduction of TaxPro-Max and the ongoing efforts to modernize tax administration signify a commendable commitment to fostering sustainable revenue generation and economic stability in Nigeria. With the continued dedication and vision of the FIRS boss, there is optimism that the nation’s tax system will undergo substantial reform for the benefit of all Nigerians.
_Arabinrin Aderonke, ANIPR, is an Award-Winning investigative journalist and finalist, 2016 CNN African journalist Award. She currently serves as Technical Assistant, Broadcast Media at Federal Inland Revenue Service_
