RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economics

FIRS orders banks to close unauthorised tax collection accounts

Stephen Akudike by Stephen Akudike
April 29, 2025
in Economics, Economy
Reading Time: 2 mins read
A A
0
FIRS to Boost Tax Revenue by 57% to N19.4 Trillion in 2024
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Federal Inland Revenue Service (FIRS) has directed all Nigerian banks to immediately shut down any tax collection accounts that are not linked to its official TaxPro Max platform.

This directive, issued by the FIRS Executive Chairman, Zacch Adedeji, and publicised through his media aide, Dare Adekanmbi, is part of the agency’s broader effort to modernise tax administration and improve accountability within the revenue system.

AlsoRead

Inflation Rate Falls to 15.43% in July, NBS Reports

Food Inflation Climbs to 20.31% in July, Marking Fifth Straight Monthly Rise

NRS Chairman: Ending Fuel Subsidy Averted N53 Trillion Bill and Naira Crash to N3,500

Exclusive Use of TaxPro Max Now Mandatory

In a public notice titled “Directive to Close Unauthorised FIRS Tax Collection Accounts,” the FIRS stated that henceforth, all tax and levy collections must be channelled exclusively through TaxPro Max—the digital system designed to centralise tax processes. Any accounts operating outside of this platform are now considered unauthorised.

“All tax and levy collections on behalf of FIRS must be processed exclusively pursuant to an assessment raised on the TaxPro Max platform,” the notice said. It added that all participating banks must comply immediately to avoid breaching FIRS regulations.

Goals: Transparency and Revenue Protection

The agency explained that enforcing exclusive use of the TaxPro Max system would enhance real-time reconciliation, eliminate revenue leakages, and streamline Nigeria’s tax collection framework. The move is expected to simplify payment procedures for taxpayers while significantly reducing manual handling and potential misappropriation of funds.

FIRS reiterated that banks under its Collection, Remittance, and Reconciliation Scheme are required to process only those tax transactions initiated through TaxPro Max-generated assessments.

What Is TaxPro Max?

Developed locally, TaxPro Max is a comprehensive digital tax administration tool that supports various taxpayer activities. These include registration, returns filing, payment, automatic issuance of receipts, and tax clearance certificate generation. It has become a cornerstone in FIRS’s digital reform strategy since its launch.

By consolidating all tax collection through a single digital platform, the FIRS aims to bring consistency and efficiency to the system while discouraging the use of multiple, potentially fraudulent collection accounts.

Impact on Banks and Taxpayers

Banks must now align their internal systems with TaxPro Max to remain in compliance. Failure to do so could result in sanctions or exclusion from future FIRS-related operations.

For taxpayers, the new rule means that all payments must be made strictly based on assessments generated within the TaxPro Max portal. Payments made through any other channel will be invalid and may lead to penalties or delays in processing.

Support for Transition

To ease the transition, the FIRS has encouraged both taxpayers and banks to contact its Revenue Accounting and Refund Department for assistance and further clarification.

This directive signals a major shift in how Nigeria manages tax collection and reflects the FIRS’s commitment to digital transformation, transparency, and accountability in its operations.

Tags: FIRS
Previous Post

Nigeria’s Debt Servicing Hits N8.9 Trillion in Nine Months – Afrinvest Report

Next Post

Nigeria’s Non-Oil Exports Rise to $1.79 Billion in Q1 2025 — NEPC

Related News

Understanding Inflation: How Rising Prices Impact Your Finances.

Inflation Rate Falls to 15.43% in July, NBS Reports

by Victoria Attah
August 19, 2026
0

Nigeria’s headline inflation rate declined to 15.43 per cent in July, according to the National Bureau of Statistics. The figure...

Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

Food Inflation Climbs to 20.31% in July, Marking Fifth Straight Monthly Rise

by Victoria Attah
August 19, 2026
0

Nigeria’s food inflation rate rose to 20.31 per cent in July from 17.52 per cent in June, an increase of...

FG Saves N1.45 Trillion as Petrol Subsidy Removal Benefits Emerge

NRS Chairman: Ending Fuel Subsidy Averted N53 Trillion Bill and Naira Crash to N3,500

by Stephen Akudike
August 17, 2026
0

The petrol subsidy could have drained as much as N53 trillion from government coffers under present market conditions and driven...

Petrol Prices Surge in West Africa as Nigeria Removes Subsidies.

NRS Chairman: Fuel Subsidy Could Have Cost N53 Trillion

by Akpan Edidong
August 12, 2026
0

The Chairman of the Nigeria Revenue Service, Zacch Adedeji, has said that Nigeria’s fuel subsidy bill could have ballooned to...

Next Post
OPEC – Nigeria’s oil production decreases to 972 tb/d

Nigeria’s Non-Oil Exports Rise to $1.79 Billion in Q1 2025 — NEPC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

NAFEM Turnover Climbs to $1.41 Billion, Highest Level in Five Weeks

August 19, 2026
NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Reopens OMO Market to Retail Investors, Raising Pressure on Weak Equities

August 19, 2026

Popular Story

  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • Air Peace and United Nigeria Claim Over N2 Billion Losses After Union Disruptions

    0 shares
    Share 0 Tweet 0
  • NRS Chairman: Ending Fuel Subsidy Averted N53 Trillion Bill and Naira Crash to N3,500

    0 shares
    Share 0 Tweet 0
  • NGX Delays New Equity Pricing Rules as Investors Await Fresh Launch Date

    0 shares
    Share 0 Tweet 0
  • EFCC Facilitates $60 Million Nestoil Debt Payment to Creditor Consortium

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>