As part of efforts to boost the economy through taxation, Federal
Inland Revenue Service (FIRS), says it may review tax exemptions and initiate
taxation of high net worth transactions. Speaking at the Stakeholders Engagement
Forum, yesterday, in Abuja, Acting Chairman of FIRS, Kabir Mashi, said that
with the assistance of Mckinsey, they have initiated eight key platforms to
ensure that all the leakages in the revenues are blocked. Other areas FIRS intends to block are activities of audits,
arrears and debt enforcement, review of tax exemptions, evasion of rental
taxes, taxation of high net worth transactions, registration, filing and
communication as a means of enhancing compliance. “We have started to implement
these initiatives and we are already seeing results spread across the eight
initiatives. We are therefore holding this forum in furtherance of our
communication efforts, having held the first forum in Lagos in May 2014. While
we regularly engage and interact with our taxpayers and stakeholders at
different fora, this forum provides a more visible and highlevel platform for
us to talk, exchange ideas and obtain feedback on what we are doing right and
the areas where we need to do better. It also provides an opportunity to
solicit the continued cooperation of our stakeholders to ensure that we are
able to fulfill our core mandate of revenue generation in a manner that is
sustainable and carries everyone along. He stated: In particular, let me use
this opportunity to seek for the continued support of MDAs as you have a major
role to play in ensuring tax compliance.
Sun Newspaper
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