As the corona virus pandemic cripples global economic systems, the Federal Inland Revenue Service (FIRS) has moved to mitigate the effects of unforeseen global challenge on the Nigerian economy.
Consequently, the FIRS has unveiled a new electronic and automated platform for taxpayers to file transfer pricing declaration and disclosures in Nigeria and block leakages in tax collection, especially the Stamp Duty collected by banks across the country.
A statement from the FIRS said the Service is deploying the automated platforms “to ensure 100% compliance” and tasked the banks to “get fully prepared for the adoption of the new compliance programme as failure to comply is not an option.”
Unveiling the electronic solution platform, Executive Chairman, FIRS, Mr. Muhammad Nami, stated that “the need for total compliance and aggressive revenue drive is imperative now in view of the recent crash of oil price from $50 to $29 which will definitely affect our collection from the Petroleum Profit Tax.”
“The outbreak of the Coronavirus has occasioned a global economic meltdown with serious consequences to our economy. You will recall that recently about Fifty Nigerian oil bearing trucks could not discharge crude oil to buyers because of this Coronavirus pandemic. This has the combined effect of reducing government revenue target and, subsequently, the provision of infrastructures and social amenities” he said.
Government he said “needs to shore up against the looming economic meltdown. It is on this note that I solicit your cooperation and understanding in the drive to use automation to rev up our revenue so that the government of President Muhammadu Buhari will be able to deliver on its mandate.”