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Monday, August 10, 2015

FIRS banks on ITAS to improve tax collection in Nigeria





The Federal Inland Revenue Service (FIRS) has explained the essence of automating its processes, just as the agency banks on Integrated Tax Administration System (ITAS), reports ITRealms.



Speaking in Lagos on Friday, Acting Executive Chairman, Federal Inland Revenue Service, Mr. Sunday S. Ogungbesan explained why they invested on the Integrated Tax Administration System (ITAS).



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



He cited for instance the Value Added Tax (VAT) Collect system, saying FIRS has unveiled the automated system for tracking and remittance of Value Added Tax from key sectors.

“E-tax pay platform, online electronic system of tax payment, which enables online payment and monitoring in real-time,” he said, just as E-filing system, which allows electronic filing of tax returns and accompanying documentation has since been introduced.


FIRS, he said, would collaborate with Office of the Accountant General of the Federation to ensure source deduction and remittance of taxes from government contracts and of employees emoluments through GIFMIS and IPPIS.



“The automation of the statutory reporting process from banks to FIRS,” he said, is not left out.

In order to improve processes, he said, FIRS would engage with Central Bank of Nigeria (CBN), Office of the Accountant General of the Federation and other relevant agencies to improve collaboration



The imperativeness of organizational restructuring, he said, led to the promotion of professionalism and effective linkage between core tax and support functions. 


“This has included strengthening of audit functions nationwide through regionalization and deployment of core tax professionals to oversee and it functions strengthening of taxpayer service and enforcement functions to bring tax administration closer to taxpayers and also improve voluntary compliance



Stressing that ongoing collaboration with the Federal Ministry of Finance and Nigerian Investment Promotion Commission would be streamlined to tax incentives and eliminate misuse


FIRS boss further said that review of tax legislation and tax rulings along with issuance of regulations to provide clarity on interpretation and application of tax laws - Withholding Tax Regulations, Amendment of Schedule to Taxes and Levies based on approved list for collection Act.

+Remmy Nweke (ITRealms)
ITREALMS ... everything news digitally!

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