More Revenues As FIRS, LIRS Team Up For Joint Audit, Investigations

The Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS) have signed a memorandum of understanding (MoU) to establish a joint audit and investigation team (JAIT).

Speaking on the agreement, Muhammad Nami, executive chairman of FIRS, said the cooperation fosters sharing relevant information that would assist both parties in their tax administration and enforcement roles.

This, he said, 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,” Nami said.

Ayodele Subair, executive chairman of LIRS, said JAIT said the partnership aims to encourage the exchange of information between both agencies.

Subair said the collaboration would improve tax administration by reducing compliance costs, thereby enabling ease of doing business in the country.

He also said the objective of the agreement is to ensure efficiency, accurate assessments, and increased revenue for funding government expenditures.

Culled from blueprint.ng