Finance

LIRS, FIRS sign MoU on joint audit

LIRS, FIRS sign MoU on joint audit

The Lagos Internal Revenue Service and the Federal Inland Revenue Service have signed a Memorandum of Understanding to establish a Joint FIRS and LIRS Audit and Investigation Team aimed at encouraging the exchange of information between both agencies.

A communique signed by the Executive Chairman, LIRS, Ayodele Subair, and the Executive Chairman, FIRS, Muhammad Nami, on Wednesday, stated that the MoU would help the agencies optimise tax revenue to the Federal Government and the Lagos State Government respectively.

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It noted that the collaboration was expected to improve tax administration with a view to enhance tax revenue generation, create a robust database, and improve the country’s tax-to-GDP ratio.

The state added that the public, taxpayers, and tax practitioners were charged to provide full support and cooperation to both agencies for the overall economic benefit of all stakeholders.

According to the agencies, the MoU was to improve tax administration by reducing tax compliance costs and enabling ease of doing business in the country.

Speaking on the MoU, Subair, said, “There is no reason to debate the above as it has been established that tax compliance and good governance are expected to co-exist as the undividable social contract that binds citizens and governments anywhere in the world.

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“Therefore, citizens and governments are expected to fulfill their end of the bargain in achieving a balance.”

Nami, added, “The cooperation would enable the two authorities to work as a team in sharing relevant information that would assist both parties in their tax administration and enforcement roles as it would also provide capacity building between both tax authorities.

“We will carry out a joint audit and investigation as a team, we will also conduct an automatic exchange of information for gathering data for the purpose of tax administration. With that information, we would be able to carry out tax administration seamlessly.”

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Punch

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