The move is aimed at encouraging the exchange of information between both tax authorities. The post Nigeria: FIRS, Lagos Revenue Service Initiate Joint Tax Audit to Improve Administration appeared first on Arise News.
The Federal Inland Revenue Service and the Lagos Internal Revenue Service , on Wednesday, signed a Memorandum of Understanding to establish a joint audit and investigation team.The agreement also seeks to improve tax administration by reducing tax compliance cost thereby enabling ease of doing business in the country.
Nami, said 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 them. On his part, Subair, said the agreement would foster greater collaboration between the two agencies, adding that “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. Therefore, citizens and governments are expected to fulfil their end of the bargain in achieving a balance.
The partnership would leverage existing distinct competencies in tax administration between both parties to collaborate in the areas of exchange of information, harmonisation of an integrated tax system and joint tax audit or investigation exercise, where necessary, in carrying out their respective mandates for the purpose of optimising tax revenue to the federal government and the state government.
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