Kwara generates N6.2bn revenue in 2020 fourth quarter

January 24, 2021
15 Views

Kwara State Internal Revenue Service (KWIRS) says it generated a sum of N6,227,099,973.42 in the fourth quarter of last year.

In a statement signed by the executive chairman of the revenue agency, Shade Omoniyi, and made available to journalists in Ilorin at the weekend, the agency said that “the year 2020, in spite of the imbalances created by the Covid-19 pandemic, was remarkably progressive for the KWIRS.”

Omoniyi, who gave the monthly revenue collections said that the agency raked in N2,765,485,579.54 in October, N1,287,202,252.78 in November and N2,183,412,141.10 in December, making a total sum of N6,227,099,973.42.

She also said that the KW-IRS recorded a total revenue of N19, 623,992,033.64 for the entire year 2020, which, she said, was 75.48 per cent of the N25, 997,573,296.00 revised annual budget.

“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).

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

ALSO READ: Ten-year rubber plantations project to gulp N62bn — NARPPMAN President

“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 per cent 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).

“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.

However, we are 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.

NIGERIAN TRIBUNE

You may be interested

News

Petrol tanker explodes in Ogun community 

admin - March 6, 2021

Petrol tanker explodes in Ogun community  Posted by News Express | 6 March 2021 | 107 times A petrol-laden tanker…

COVID-19 vaccination: Buhari challenges governors, others 
News
News

COVID-19 vaccination: Buhari challenges governors, others 

admin - March 6, 2021

COVID-19 vaccination: Buhari challenges governors, others  Posted by News Express | 6 March 2021 | 129 times •President Buhari displays…

‘Prison’ officials batter policewoman to coma 
News
News

‘Prison’ officials batter policewoman to coma 

admin - March 6, 2021

‘Prison’ officials batter policewoman to coma  Posted by News Express | 6 March 2021 | 166 times •Police Inspector Yetunde…

Leave a Comment

Your email address will not be published.