KW-IRS GENERATES N9.386b IN THE FIRST HALF OF THE YEAR 2020

The Kwara State Internal Revenue Service generated a total sum of  N9,386,814,570.59 (Nine Billion, Three Hundred and Eighty-Six Million, Eight Hundred and Fourteen Thousand, Five Hundred and Seventy Naira and Fifty-Nine Kobo)Only as revenue in half-year of 2020.

Breakdown of revenue generated from January to June 2020 is presented below:

The First Quarter (January-March 2020) of the year started on a positive note, with a total of N7, 231,713,024.37. The month of March 2020 recorded the highest revenue generated for the quarter with the sum of N2, 676,906,613.84. 

 The revenue generation in the Second Quarter experienced a dwindling shift as a result of the global Pandemic which forestalled business activities across the State. Several employers focused more on payment of salaries to their staff and not on remittance of PAYE and other statutory deductions.

Hajj collection was closed due to the current global situation, the Informal sector also suffered some setback as markets were not operational during the period. Similarly, the revenue recorded from schools in the second quarter dropped drastically due to closure of schools.

The highest revenue recorded in the Second Quarter was in June 2020, with the sum of N945, 187,700.95, after gradual ease of the lockdown, as businesses started to improve in operating capacity.

The Kwara State Internal Revenue Service during this period also reduced the level of enforcement on defaulting taxpayers to allow them recover from the financial meltdown experienced as a result of the Pandemic. A few measures taken by the Service to cushion the effect of Covid-19 amongst many others include; granting of a 30% waiver on arrears on Land Charge and Ground Rent for property owners till the 30^th of September, 2020, extension of the Deadline for Filing Annual Returns from 31st of March, 2020 to May 31st, 2020 and a further extension to 30th of September, 2020.

There was further relief from the Service to taxpayers such as the suspension of all forms of Enforcement on the Informal Sector, Educational Sector, Hospitality Sector, Low-Income Earners, Property Owners and a waiver of interest and penalties to the High Networth Individuals and Corporate Organizations who pay up their arrears by 30th of September, 2020.

Distribution of palliatives to the Informal Sector as a form of support during the period and distribution of Personal Protective Equipment (PPE) such as Nose Masks and Face Shields to taxpayers across the State.

The Kwara State Internal Revenue Service (KW-IRS) will continue to ensure optimal drive and delivery on her vision and mission and make the State economically viable and stable.