The Federal Inland Revenue Service (FIRS) has said the agency would commence tax audit across the country.
The FIRS Executive Chairman, Tunde Fowler who disclosed this yesterday in Lagos, said the meeting was to gauge the impact of taxation on the country’s revenue and how tax administration could be enhanced to meet the revenue requirements of the country.
Fowler said that the nationwide tax audit would ensure increased tax revenue collection, improved service delivery to taxpayers and enhanced voluntary compliance.
Fowler, who is also the Chairman of Joint Tax Board (JTB) said the board was determined to improve service to taxpayers at all levels and that a consolidated Taxpayer Identification Number (TIN) Data Base was already in place under the JTB.
The FIRS boss said that all tax laws that were not in the interest of the taxpayers are already undergoing a process of review and that taxpayers and stakeholders must support tax authorities in the interest of the nation’s development.
“The greatest challenge for any tax administration is achieving and maintaining a high degree of self-assessment and voluntary compliance by taxpayers.
Studies however show that the extent to which an economy is able to grow sustainably and develop depends to a large extent on its ability to generate tax revenue to finance its expenditure and the efficiency of its tax system.