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FIRS to conduct audit of companies

By The Rainbow
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The Federal Inland Revenue Service on Sunday plans to carry out a special audit of all companies operating in the country, the Punch has reported.

According to the newspaper’s report, citing a statement by the Director, Communications and Servicom Department, Mr. Emmanuel Obeta, the audit, which will be carried out by the service in collaboration with Audit Firms and Tax Consultants, is aimed at increasing the level of compliance with the relevant tax laws, thus improving tax revenue for the country.

Obeta explained that the decision to carry out the exercise was reached after a meeting between the Acting Executive Chairman, FIRS, Mr. Babatunde Fowler; and audit firms, chartered accountants, tax consultants and other professional Service providers.

The audit would be carried out within 30 days and would take into consideration the various year ends and peak points of activities of the various companies, the statement added.

Fowler, who was appointed chairman of the tax agency about a week ago, said that the collaboration between the professional service providers, states board of internal revenue and FIRS, would mark a turning point for taxation as well as reduce the country's reliance on oil.

Obeta further said, “The meeting focused on the need to harmonise exchange of information across all the revenue authorities as well as ensuring a synchronised auditing of all the various companies in the country. At the end of their meetings agreed to share information with members of National Assembly, particularly on tax laws in collaboration with other professional bodies as well as relevant stakeholders.

“They also resolved that FIRS, State Revenue Boards and the various audit firms will carry out joint audits of the various companies to ensure accuracy of the exercise, enhance transparency and drive compliance. These audits will be completed within 30 days and will take cognisance of the various year ends and peak points of activities of the various companies.”

Fowler, according to the statement, said the input from stakeholders was necessary for the expansion of the nation's tax net, information dissemination, building capacity of tax administration as well as sharing information that would promote voluntary compliance. Through partnership and consultations with the relevant stakeholders, the Acting FIRS Boss said, there would be a significant improvement in tax revenue and tax administration.

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