FIRS seeks collaboration among regulatory bodies for tax devt

The Federal Inland Revenue Service (FIRS), says collaboration among regulatory bodies is critical to deepening FIRS institutional framework through qualitative reporting and effective representation of their clients.

The Executive Chairman, FIRS, Muhammad Nami, said this when he hosted a meeting of the council members, Chartered Institute of Taxation of Nigeria (CITN), Institute of Chartered Accountants of Nigeria (ICAN), and the Association of National Accountants of Nigeria (ANAN).

A statement quoted Nami as saying the meeting was to discuss the implementation of a memorandum of understanding (MoU) on standardisation of tax practice in Nigeria.

He also appealed to the professional bodies regulating tax practice to lead conversations on tax policy and laws in Nigeria, and called for a value-based leadership approach.

“Our professional bodies need to speak on matters of tax policies and tax laws, especially on proposals to annual Finance Bills.

“We also urge you to help the Service to deepen the institutional framework through quality reporting and effective representation of clients by our professional colleagues.

“We need to stem the tide in improving financial reporting to reduce the spate of ‘copy and paste’ financial reporting systems as we experience today,” Nami said.

He also said FIRS has adopted new strategies to tackle financial reporting concerns, and created new departments for tackling such issues through data mining.

We need to stem the tide in improving financial reporting to reduce the spate of ‘copy and paste’ financial reporting systems as we experience today.

They are the Intelligence, Strategic Data Mining and Analysis Department, the Special Crimes Department, the Tax Incentives Management Department, and the Emerging and Special Taxes Department.

He informed that the FIRS alongside State Inland Revenue Services are collaborating with the National Identity Management Commission (NIMC) to build a data bank to improve tax investigation.

“Other strategies include the accreditation of tax consultants and auditors in the FIRS, the review of data from automatic exchange of Information as well as increased enforcement actions,” Nami said.

The Presidents of the professional bodies, Prof. Benjamin Osisioma of ANAN; Tijjani Musa Isa of ICAN; and Adesina Adedayo of CITN commended Nami for showing leadership in pushing for and enabling a resolution of disputes between the three bodies.

Osisioma noted that failure to sustain cooperation among the three bodies would lead to chaos in tax practice regulation in Nigeria, adding: “If we fail to cooperate and collaborate, we would destroy what we are trying to build.”

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