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Tuesday, August 11, 2015

FIRS, mitigating drop in oil revenue with ITAS – Ogungbesan



The Acting Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Sunday S. Ogungbesan has said that the agency is mitigating drop in oil revenue with its Integrated Tax Administration System (ITAS).

He revealed this to ITRealms at a media roundtable in Lagos, last weekend, saying that FIRS is implementing various initiatives aimed at mitigating the drop in government revenue occasioned by fall in global oil prices.

These initiatives, Ogungbesan said, have been structured along the broad areas of automation, process improvement and capacity building.

As such, he said, the initiatives include automation of the system through the introduction of the Integrated Tax Administration System (ITAS). 

“ITAS automates core tax administration processes and enables online interface between FIRS and taxpayers,” he said.

According to him, automation of taxpayer registration resulted in issuance of Tax Identification Number (TIN) to about 1,189,722 corporate and individual taxpayers as at July, 2015.

On the Value Added Tax (VAT) collection system, the acting chairman told ITRealms that the automation system faciliates tracking and remittance of Value Added Tax from key sectors.

E-tax payment platform, he said, is online electronic system of tax payment, which enables online payment and monitoring in real-time.

Ogungbesan also said that the electronic filing (E-filing) system now in place allows electronic filing of tax returns and accompanying documentations.

FIRS, he said, therefore seeks collaboration with the Office of the Accountant General of the Federation to ensure source deduction and remittance of taxes from government contracts and of employees emoluments through the Government Integrated Financial Management Information System (GIFMIS) and Intergrated Personnel & Payroll Information System (IPPIS).

In addition, he said the automation paves the way for the statutory reporting process from banks to FIRS.

 

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