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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2020 FY Results: Unity Bank Plc posts profit after tax of N2.09 billion.
- Guinea Insurance Plc reports a loss of N142.13 million in 9M 2020.
- Unilever Nigeria Plc set to hold Annual General Meeting on 6th of May.
- UBA Plc posts profit after tax of N38.16 billion in Q1 2021.
- PZ Cussons Nigeria Plc appoints Ifueko Okauru as Independent Non-Executive Director.