THUR, JUNE 08 2023-theGBJournal |The Federal Inland Revenue Service (FIRS) and Lagos State Internal Revenue Service (LIRS) have signed a memorandum of understanding (MoU) as they seek to enhance their revenue generation capacities.
The MoU is aimed at leveraging on their existing distinct competencies in tax administration to collaborate in the areas of exchange of exchange of information, harmonization of an integrated tax system and tax joint tax audit or investigation where necessary, in carrying out their respective mandates for the purpose of of optimizing tax revenue to the Federal Government and the Lagos State Government respectively.
In a jointly signed statement, the tax agencies said, the collaboration is expected to improve on tax administration with a view to enhancing tax revenue generation, creation of robust database and improve on the country’s tax to GDP ratio.
Both parties say they will establish a Joint Audit or investigation Team to be known as the FIRS/LSBIR JAIT, whose membership shall be determined by both parties to conduct joint audit or investigation exercise which shall be concluded timeously.
”The overall of the Joint Tax Audit is to improve tax administration by reducing tax compliance cost thereby enabling ease of doing business,” they said.
According to the statement, ”employees of of both parties will abide by the Code of Conduct and Ethical compliance to assure that the implementation of the MoU do nit impact negatively on the taxpayers and the parties.”
It said collaboration between both agencies in the exchange of information will ensure efficiency, accurate assessments and increased revenue for funding of Government expenditure.
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