• Privacy Policy
  • Terms
  • About us
  • Contact Us
Thursday, June 8, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

FIRS deploys tech platform for tax collection

Tax

The Matters Press by The Matters Press
January 20, 2022
Reading Time: 2 mins read
0
FIRS deploys tech platform for tax collection

 

RELATED POSTS

Motorists shun petrol filling stations as pump price peaks

Depot associations support subsidy removal, pledge 100 mass transit buses

Naira extends stability at investors, exporters window

The Federal Inland Revenue Service (FIRS) has stated that it will achieve 100 percent automation of all its tax administration processes with the aim of blocking revenue leakages thereby revolutionizing revenue generation in Nigeria.

Calling for the cooperation of Nigerians to achieve this, the Executive Chairman of the FIRS, Muhammad Nami while speaking as the Special Guest at the Pedabo 2022 Annual Public Private Sector Engagement on Tuesday.

He highlighted that by virtue of the amendment to Section 25 of the FIRS (Establishment) Act in the 2021 Finance Act, any person who fails to grant the Service access to its information technology systems to connect to its automated tax administration solution is liable to penalties under the law.

ALSO READ  AfCFTA, tourism can boost Nigerian economy – Minister

“We will seek to achieve 100% automation of all our tax administration processes, which will block revenue leakages and revolutionize revenue generation in the country.

“We expect your full cooperation in this regard, considering that by the amendment to Section 25 of the Federal Inland Revenue Service (Establishment) Act in the 2021 Finance Act (through Section 18 of the 2021 Finance Act), any person who fails to grant the Service access to its information technology systems to connect to its automated tax administration solution is liable to penalties under the law.”

Muhammad Nami in his address had earlier noted that in the year 2021, the Service had leveraged on the amendments to its Establishment Act to embark on “a major infrastructure overhaul, focusing on the deployment of technology for the automation of its processes and procedures,” thereby deploying its home-grown integrated tax administration system, TaxPro Max.

ALSO READ  AFDB tasks nations on agricultural structural transformation, mitigate food challenges

He went further to state that in 2022, the Service will give priority to the collection of taxes from the digital economy, and that it will deploy technological tools in assessing entities that fall within the Significant Economic Presence (SEP) threshold and relevant turnover generated from Nigeria.

“With the amendment of Section 10 of the VAT Act by the Finance Act 2021, we will implement the published Guidelines on the Simplified Compliance Regime on VAT for Non-Resident Suppliers, to collect VAT on digital supply of services and intangibles to Nigeria.

“The Service has deployed a digital service interface, the Digital Economic Compliance (DEC) Tool, to facilitate the implementation of the Regime.

“The implementation of the DEC Tools will also assist the Service in determining entities that fall within the SEP threshold and relevant turnover generated from Nigeria. This tool will go live shortly.”

ALSO READ  Afreximbank invests $42bn to support African businesses

He also stated that the Service “will focus on compliance and enforcement strategies in 2022, by leveraging on intelligence, strategic data mining and analysis, to enhance audit and investigation functions and implementing the penalty regimes in accordance with the laws;” adding that, “the Service is poised to ensure prosecution of recalcitrant taxpayers in 2022.”

Mr. Muhammad Nami called on taxpayers, tax consultants, tax collection agents and other stakeholders in the tax system to partner with the FIRS in 2022 to make taxation and tax revenue collection a pivot for economic growth and national development, stating that “no society can grow without its citizens paying their taxes.”

Tags: FIRSTax
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

July petrol pump price ranges between N140.80 and N143.80
Economy/Technology

Motorists shun petrol filling stations as pump price peaks

June 8, 2023
Stable petrol supply excites Buhari
Economy/Technology

Depot associations support subsidy removal, pledge 100 mass transit buses

June 8, 2023
“Naira-4-Dollar” getting results
Economy/Technology

Naira extends stability at investors, exporters window

June 8, 2023
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Global economy in ‘precarious position’, World Bank warns

June 8, 2023
36 governors support fuel subsidy removal, other policies
Economy/Technology

36 governors support fuel subsidy removal, other policies

June 8, 2023
Tinubu denies manipulating NASS
Economy/Technology

Tinubu directs NEC to work on palliatives

June 7, 2023
Next Post
NSIA, Agency in deal on solar power

Nigeria to install 5m solar home system

Council seeks incentives to boost indigenous ship operations

20 ships discharge products at Lagos ports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

IPMAN, NUPENG tango over illegal increase in petrol price

IPMAN denies involvement in fuel diversion

July 20, 2022
SEC frowns at resurgence of Ponzi schemes

Cross-border securities payments get boost as NGX, PAPSS sign MoU

March 1, 2023
$2.7b Ibom Deep Seaport ready soon

Buhari approves Lekki Deep Seaport as Custom Port, Wharf

July 30, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Motorists shun petrol filling stations as pump price peaks
  • Depot associations support subsidy removal, pledge 100 mass transit buses
  • Naira extends stability at investors, exporters window

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?