FIRS To Begin Audit Of Companies For Tax Compliance

Posted by African Examiner Business News, Featured, Government Buz, Latest Headlines Sunday, September 6th, 2015

By Ganiyu Nasirudeen – The Federal Inland Revenue Service (FIRS) has indicated interest to begin a special audit of companies operating in Nigeria.

In a statement by FIRS Director of Communications and Servicom, Emmanuel Obeta, the agency clarified that decision to carry out the exercise was reached after a meeting between its Acting Executive Chairman, Mr. Babatunde Fowler; and audit firms, chartered accountants, tax consultants and other professional Service providers.

When takes off, the audit exercise according to the statement would be carried out by the Federal tax body, in collaboration with Audit Firms and Tax Consultants, aimed at raising the level of compliance with the relevant tax laws and subsequently improving tax revenue for the country.

He indicated that the audit would be carried out within 30 days and would take into account the various year ends and peak points of activities of the various companies the FIRS would beam its searchlight.

On his own, the FIRS Chairman pointed out that the collaboration between the professional service providers; states board of internal revenue and the agency would mark a turning point for taxation in Nigeria and in another hand, reduce over dependence on oil.

In the same vein the former Chairman of the Lagos State Inland Revenue Services (LIRS) affirmed that the input from stakeholders was necessary for the expansion of the country’s tax net, information dissemination, building capacity of tax administration as well as sharing information that would promote voluntary compliance. He promised that there would be a significant improvement in tax revenue and tax administration via partnership and consultations with the stakeholders.