The Federal Inland Revenue Service on Sunday disclosed plans to carry out a special audit of all companies operating in the country.

The audit, which will be carried out by the service in collaboration with Audit Firms and Tax Consultants, is aimed at increasing the level of compliance with the relevant tax laws, thus improving tax revenue for the country.

A statement from the FIRS signed by the Director, Communications and Servicom Department, Mr. Emmanuel Obeta, explained that the decision to carry out the exercise was reached after a meeting between the Acting Executive Chairman, FIRS, Mr. Babatunde Fowler; and audit firms, chartered accountants, tax consultants and other professional Service providers.

The statement stated that the audit would be carried out within 30 days and would take into consideration the various year ends and peak points of activities of the various companies.

ADVERTISEMENTFowler, according to the statement, pointed out that the collaboration between the professional service providers, states board of internal revenue and FIRS, would mark a turning point for taxation as well as reduce the country’s reliance on oil.

The statement reads in part, “The meeting focused on the need to harmonise exchange of information across all the revenue authorities as well as ensuring a synchronised auditing of all the various companies in the country.

“At the end of their meetings agreed to share information with members of National Assembly, particularly on tax laws in collaboration with other professional bodies as well as relevant stakeholders.

“They also resolved that FIRS, State Revenue Boards and the various audit firms will carry out joint audits of the various companies to ensure accuracy of the exercise, enhance transparency and drive compliance.

“These audits will be completed within 30 days and will take cognisance of the various year ends and peak points of activities of the various companies.”

Fowler, according to the statement, said the input from stakeholders was necessary for the expansion of the nation’s tax net, information dissemination, building capacity of tax administration as well as sharing information that would promote voluntary compliance.

Through partnership and consultations with the relevant stakeholders, the Acting FIRS Boss said, there would be a significant improvement in tax revenue and tax administration

http://www.punchng.com/news/firs-to-audit-companies/

Injustice is when you start a seemingly good action aimed at a particular set of people.one thing i know is that this is anoda means of witch hunting the ever vibrant commercial people of south east.youcan monopolize political power but one thnig you cant take from these people is economic power.dnt get it twisted am PROUDLY DELTAN.

OVI75:
Injustice is when you start a seemingly good action aimed at a particular set of people.one thing i know is that this is anoda means of witch hunting the ever vibrant commercial people of south east.youcan monopolize political power but one thnig you cant take from these people is economic power.dnt get it twisted am PROUDLY DELTAN.

:
The witch hunt is targeted at all Nigerian companies, not just those being run by those from the South-East.

In my opinion, this is a clueless exercise. The audit firms and tax consultants will just make money at the expense of the state, after harrassing, intimidating and extorting money from the companies, especially the SME ones! Stewpid FIRS people...

Una go audit tire
Buhari must kill and bury Nigeria economy

Old news!

Are they shocked the companies are not declaring profits?...

[img]https://media1./images/6cc4005e9c31e608c7d9d39f9499716f/tenor.gif?itemid=21122223[/img]

After bUhari govt has battered the economy his FIRS can't believe companies are running into losses as they have been declaring

You don't meant it.

Anytime you see someone say is proud Deltan note that dude is from Abia or one of deserted state in the east.

OVI75:
Injustice is when you start a seemingly good action aimed at a particular set of people.one thing i know is that this is anoda means of witch hunting the ever vibrant commercial people of south east.youcan monopolize political power but one thnig you cant take from these people is economic power.dnt get it twisted am PROUDLY DELTAN.