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FIRS to implement new tax compliance policies

FIRS to implement new tax compliance policies

As a means of widening the tax net with a view to ensuring a wider level of compliance, plans are in a place to implement new tax compliance policies, says the Federal Inland Revenue Service (FIRS) Chair, Muhammed Numi. The Executive Chairman reiterated this at the recently held KPMG’s Tax Breakfast Seminar.

According to a report by Nairametrics, Victor Adegite, the Tax consultant to KPMG revealed  more details about these plans. The FIRS intends to deploy more of its workforce to tax audit. In a bid to drive up compliance, the present 16% (which is FIRS staff devoted to managing tax audit) will be increased to 30% in other to boost its operations.

In a series of tweets, he explained in detail that “The FIRS is collaborating with tax authories at the state level  and there is going to be increase in the level of information sharing among the tax authorities.” He also went further to say that “The FIRS is collaborating  with other agencies of government such as EFCC, NFIU, ICPC etc in other to ensure companies no longer evade tax.” “There is going to be an increase of use of technology. The Finance Act 2019 will also take effect in the 2020 year of assessment.”

 

 

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