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Economy & Politics

FIRS moves to stop tax evasion with newly launched intelligence system 

In a bid to track all tax evaders and defaulters in the country, the FIRS has launched a national intelligence gathering system.

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FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector,7.5% VAT: Implementation to begin Feb 1 – FG, FIRS redeploys 50 directors in massive shakeup ,FIRS moves to stop tax evasion with newly launched intelligence system , FIRS boss, Nami discloses why FIRS failed to meet revenue target under Fowler, FIRS to scale up tax compliance with new policies , FIRS tighten noose on deduction of stamp duty, CIT, others , Nigerians will now pay N50 stamp duty on electronic receipts – FIRS, Tax debt payments extended to August 31- FIRS

In a bid to track all tax evaders and defaulters in the country, the Federal Inland Revenue Service (FIRS) has launched a national intelligence gathering system.  

The Executive Chairman of FIRS, Muhammad Nami made this known during a visit to the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye.

Prof. Bolaji Owasanoye, ICPC

This move would help FIRS prevent tax evasion by gathering data that will expose defaulters and bring them to book. According to Nami, the FIRS is currently restructuring its operations in order to surpass its 2020 revenue target. 

Nami’s words: “The intelligence gathering system is Information and Communication Technology (ICT)-based and is being implemented in close collaboration with the ICPC and other anti-corruption agencies as well as financial institutions to tackle economy-based crimes, including money laundering.” 

“The collaboration with the ICPC to track tax fraud and block all revenue leakages is to ensure that we raise the revenue for the government to fund its budget. We need the data and intelligence which you have to help us track tax evaders and bring them into the tax net,” the FIRS boss added.  

(READ MORE: Businessman who alleges fraud in an N170 million FIRS contract, creates scene in court) 

Speaking on the collaboration and new intelligence system, Owasanoye said the ICPC was open to the idea of sharing data with the FIRS in order to track tax evaders, defaulters and tackle illicit financial flow in Nigeria. He said that doing this would enable the government to raise its revenue profile in order to fund development projects. 

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Owasanoye added that the ICPC was doing its best to widen the tax net. According to him, whenever a commission comes across any tax non-compliant company, such companies are referred to the FIRS. 

We want them to be captured in the tax net so that they continue to pay their taxes,” he added. 

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What you should know: The FIRS has been taking compliance of tax seriously in recent times as it recently also disclosed plans to tax street traders, artisans and other jobs in the informal sector of the economy. The informal sector which isn’t taxed in Nigeria would now be brought into the tax net as the FIRS boss is trying to expand the government’s revenue base.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Business News

Financial Autonomy: Governors, State Speakers reach agreement

The Governor also said that the final document of the agreement should be ready for implementation by May 2021.

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The Governors’ Forum, Conference of Speakers of State Legislature and other governance stakeholders announced that they reached a resolution over the implementation of financial autonomy for State Legislature and Judiciary.

This was disclosed by the Ekiti State Governor and Chairman Nigeria Governors’ Forum, Kayode Fayemi, after the meeting, which was held in Abuja on Monday, and presided by the Chief of Staff to the President, Prof. Ibrahim Gambari.

What the Governor said

“We are here for legislative and judicial autonomy and Governors; Speakers of State Assemblies and the Judges of the States are on the same page as far as this issue is concerned,” he said.

We just emerged from a meeting with the Solicitor General of the Federation, the representatives of the judiciary and those of the Conference of Speakers and we are all in force; an agreement has been reached.

READ: Finance Minister tasks FG and state governments to control spending

The issue is about implementation. There has been no objection from governors on judicial and legislative autonomy.

As a matter of fact, it would not have passed if governors were not in support in the first instance. So, that issue has been fully and holistically addressed,” Fayemi said.

The Governor also said that the final document of the agreement should be ready for implementation by May 2021 and urged striking workers  to return  to offices “because as far as this has gone, we have met with all the parties concerned and the President, through his Chief of Staff, has been monitoring what has been happening.”

What you should know

Nairametrics reported earlier this month that members of the Judiciary Staff Union of Nigeria (JUSUN) went on strike with the closure of Federal High Courts in different states across the nation. The union said the purpose of the strike was to draw attention to the financial autonomy of Nigeria’s Judiciary.

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Business

Finance Minister tasks FG and state governments to control spending

The Minister also denied claims that the FG printed N60 billion as top-up for March FAAC numbers.

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land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Minister of Finance, Zainab Ahmed, has called on Governments on all levels in Nigeria to control spending amid decreasing revenues and urged for prudent government spending. The Minister also denied claims that the Federal Government printed N60 billion as top-up for March FAAC numbers.

The Minister disclosed this in an interview on Monday and warned that the FG was not generating enough revenue to align with its spending habit.

READ: UK to return £4.2million seized from Ibori to Nigeria

Zainab Ahmed added that the FG would maintain its stance from January 2021 to end total fuel subsidies in Nigeria, and confirmed talks with organised labour on subsidy removal.

“As a nation, the Federal, State and Local governments must review expenditure patterns. We are spending too much and we are not generating enough,” she said.

READ: Resolving the global debt and liquidity crises, issues and possible solutions

What you should know 

Nairametrics reported last month that the Debt Management Office had announced that Nigeria’s public debt at end of 2020 was N32.915 trillion. The DMO said the sum of the debt included the Debt Stock of the Federal and State Governments, as well as the Federal Capital Territory.

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