Kwara Internal Revenue Service Says It Generates N6.2B In Last Quarter of 2020

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246313D6 0D55 40BA 8020 EAED9CA7A801

By Admin

The kwara state Internal Revenue Service (KW-IRS) has said that it generated a sum of N6,227,099,973.42 (Six Billion, Two Hundred and Twenty Seven Million, Ninety Nine Thousand, Nine Hundred and Seventy Three Naira, Forty Two Kobo) in the last quarter of the year 2020.

This was made known in a statement signed by the Executive Chairman of the Agency, Shade Omoniyi and made available to the Journalists.

According to the statement “Month KW-IRS IGR Collections (N)
October 2,765,485,579.54
November 1,287,202,252.78
December 2,183,412,141.10
Total 6,227,099,973.42

A breakdown of the revenue generated monthly in Q4 2020 is presented below:

“The Service had a remarkable Q1 before the COVID-19 pandemic took full effect on the economy. Due to the lack of physical contacts with some taxpayers for collections as well as the lockdown, there was a huge dip in revenue generated in Q2 2020 which extended into Q3 2020. By the last quarter of 2020, there was a substantial recovery from the crippling effect of the pandemic on businesses and Internally Generated Revenue (IGR)”

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“For the entire year 2020, KW-IRS recorded a total revenue of N19, 623,992,033.64 which was 75.48% of the N25, 997,573,296.00 revised annual budget”

“The year 2020 was marked with quick implementation of various measures to cushion the effects of the pandemic on taxpayers, which included the donation of palliatives, extension of the deadline for filing Annual Returns from 31st March to 30th September, 2020, 30% waiver on arrears on ground rent and land charge for property owners and land occupiers, granting of moratorium to informal sector taxpayers, suspension of all enforcement activities, waiver of penalty and interest for High Net Worth Individuals (HNIs) and Corporate Organisations and over 30 Community Impact Programmes (CIPs)”

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“The Service also accelerated the implementation of its automated systems to reduce the amount of contact required with tax payers for optimal revenue generation”

“As evidenced in the recent achievement of $16.9m in SFTAS Annual Performance Assessment (APA) for 2019/2020 by Kwara, KW-IRS has ensured accountability and transparency in our internal processes and reporting”

“The Service has also improved significantly in our sequential and systematic reporting through the social, print, and electronic media platforms. The activities of KW-IRS in the year 2020 as well as the remarkable performance recorded irrespective of the snags caused by months of lockdown are pointers to our commitment to the welfare of taxpayers and improving the revenue drive of the State”

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The statement also made it know that the agency is still experiencing a huge incidence of low tax compliance in the State.

“The Service will be implementing a year round sensitization and enforcement sessions with a view to reduce the incidence of tax evasion and under remittances. The year 2021 will also herald continuous automation of all relevant revenue lines which will change the mode of collection in several touch points across the State. The Service is appealing to all tax payers to join the Service in improving IGR to help the Administration in fulfilling its obligations to the populace”

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