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Tag: Zacch

  • FIRS boss calls for capacity building, tech adoption to address global tax challenges

    FIRS boss calls for capacity building, tech adoption to address global tax challenges

    The Commonwealth Association of Tax Administrators (CATA) is urging its members to prioritize capacity building and embrace technological advancements to tackle the ever-evolving landscape of tax administration.

    This call to action was delivered by CATA president and chairman of the Federal Inland Revenue Service (FIRS) of Nigeria, Zacch Adedeji, during the opening ceremony of the CATA Management Meeting held in London.

    Adedeji emphasized the critical role of capacity building in empowering tax personnel from CATA member countries.

    He argued that a well-trained workforce is essential to navigate the challenges currently hindering effective tax administration across the globe.

    The meeting brought together tax administrators from various nations, including the United Kingdom, Canada, Australia, Malaysia, and several African and island nations.

    While advocating for technology adoption to improve tax processes, Adedeji acknowledged the potential drawbacks associated with rapid technological advancements. He cautioned that these advancements present both opportunities and threats.

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    The CATA President highlighted several key issues currently shaping the global tax environment including: the OECD Pillars One and Two which focus on expanding tax revenue by targeting multinational companies with significant digital operations in a country, even without a physical presence; and the UN Tax Convention Resolution which underscores the importance of international cooperation and inclusivity in addressing global tax challenges.

    Adedeji stressed the urgent need for improved and more comprehensive capacity-building initiatives for CATA members.

    He argued that equipping tax authorities with the necessary knowledge and skills is crucial for, understanding complex tax discussions at the international level; contributing to the formulation of fair and transparent tax rules for individual jurisdictions and effectively implementing new international tax regulations.

    The CATA President concluded by emphasizing the importance of the successful integration of these regulations into national tax administration frameworks to maximize their benefits.

    By prioritizing capacity building and embracing technological advancements while mitigating potential risks, CATA members aim to strengthen their ability to address the ever-changing complexities of the global tax landscape.

  • FIRS generates N12.3 trn in 2023 – CEO

    FIRS generates N12.3 trn in 2023 – CEO

    The Chief Executive, Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, said that the organisation witnessed unprecedented progress in revenue collection, culminating in a remarkable achievement of N12.3 trillion in 2023.

    The chief executive, who was represented by a staff of the organisation, Mrs Aisha Ribadu, said this on Friday at the FIRS special day at the ongoing 35th Enugu International Trade Fair.

    Adedeji said that this success was a testament to its dedication to nurturing and empowering its workforce, and to ensuring they possessed the skills, knowledge and tools necessary to excel.

    He expressed his heartfelt appreciation to the Enugu State Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) for its discerning choice of theme, “Promoting Made-in-Nigeria Products for Global Competitiveness”.

    The FIRS boss added that the choice of theme reflected the collective aspiration to not only dominate the African market but to assert relevance on the global stage.

    “Investing in human capital is the cornerstone of sustainable development, and nations that prioritise human  development inevitably experience  enduring growth and prosperity.

    “The FIRS has spearheaded transformative reforms aimed at diversifying revenue sources and enhancing the overall taxpayer experience.

     “One of such initiatives is the introduction of the Taxpromax Solutions, an innovative e-service platform designed to empower taxpayers to fulfill their obligations seamlessly from anywhere at any time,” Adedeji said.

    He expressed gratitude to ECCIMA for affording the FIRS the invaluable opportunity to showcase its commitment to national development.

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    In a welcome address, the ECCIMA President, Mr Odeiga Jideonwo, said that the essence of the special day was to bring the business community and the general public closer to the activities and operations of the FIRS.

     Jideonwo, who was represented by the first Deputy President, Nnanyereugo Onyemelukwe, said that the FIRS should  work in tandem with other agencies of government and stakeholders in the organised private  sector.

    He said that it would enable the FIRS to redefine and streamline tax administration and regime in the country.

    ” It will also bring about a society  wherein the rich and poor will leverage each other in contributing to the development of the society in a fair and just manner, as it affects company tax by various businesses,” he said.

     He commended the chief executive for its various innovations aimed at voluntary bringing into the FIRS database, companies in order to boost the tax network.

    Jideonwo added that it would also boost revenue with the attendant grace offered in the process to those who had been evading tax payment.

    (NAN)

  • FIRS boss calls for stronger ties with Armed Forces

    FIRS boss calls for stronger ties with Armed Forces

    The CBN executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has emphasized the crucial role of the Armed Forces in ensuring national prosperity and development.

    He stressed the need for a stronger “symbiotic relationship” between the FIRS and the military during a meeting with Chief of Defence Staff, General Christopher Musa, on Tuesday, January 30.

    In a statement released by his special adviser on media, Dare Adekanmbi, Adedeji highlighted the dependence of national wealth creation on a secure environment.

    “Prosperity and development will be difficult to achieve in an insecure environment,” he stated.

    Drawing an analogy, the FIRS chief compared the Armed Forces to guardians of the national “vineyard” where seeds of economic growth are sown.

    “They make it possible for us to go into the vineyards to pluck the fruits,” he said, referring to the taxes generated from flourishing businesses.

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    He emphasized the significance of this partnership: “Without you, we will not have the right fruits. If there is no security, there is no way prosperity can happen. We are interested in prosperity because that is what we want to tax.”

    Adedeji further assured General Musa of President Bola Tinubu’s commitment to the well-being of the Armed Forces and the entire security apparatus.

    “When companies don’t run as a result of insecurity, they will not make profits and when they don’t make profit, there will be nothing to tax,” he explained.

    Recognizing the crucial role of the FIRS in generating revenue for national development, General Musa pledged the military’s unwavering support.

    He added: “The more FIRS succeeds the more Nigeria benefits from the institution. We are also here to show our commitment to ensuring that we give you all support whenever it is needed so you can do your job without any harassment or intimidation from any quarters.”

    Both leaders acknowledged the growing public understanding of the importance of taxation in driving national development. General Musa noted, “We are beginning to have awareness from members of the public who now realise that the taxes they pay are important for the development of the country.”

    The meeting signifies a renewed commitment to fostering collaboration between the FIRS and the Armed Forces, highlighting their interdependent roles in securing Nigeria’s economic future.

  • 18% tax-to-GDP ratio: We won’t increase taxes, FIRS boss assures companies

    18% tax-to-GDP ratio: We won’t increase taxes, FIRS boss assures companies

    Zacch Adedeji, the acting chairman of the Federal Inland Revenue Service (FIRS), has reassured corporate organizations that FIRS’s commitment to raising the country’s tax-to-GDP ratio from 10.86% to 18% would not lead to increase taxes.

    This was contained in a statement issued on Thursday, October 19, by his special adviser on media and communication, Dare Adekanmbi. 

    Adedeji said such resolve would not necessarily lead to increase in taxes or introduction of new taxes as the President Bola Tinubu-led administration is determined to create a wholesome environment for businesses to flourish.

    The FIRS chairman had said the agency under his leadership would in the next three years achieve an eight per cent raise in tax-to-GDP ratio to surpass Africa’s average of 16.5% without stifling investment or economic growth.

    The plan had triggered muffled apprehensions among entities corporate that the decision could cause an increase in tax rates or introduction of new ones.

    Addressing representatives of top large tax-paying companies during a get-together at Four Points by Sheraton in Lagos on Wednesday, Adedeji said, “Our belief, understanding and vision as a revenue-generating agency is not to introduce any new tax as we only want to use data to improve compliance.”

    The statement quoted the FIRS chairman as saying that the invited companies and those willing to voluntarily carry out  their tax obligations have nothing to be afraid of.

    He said: “Our plan is simple. We want to grow tax revenue and we only want to tax prosperity and not poverty. 

    Read Also: FIRS will be data-driven, signposted by merit under my watch, says Adedeji

    “Therefore, it is not in our interest to kill the trees that bear the fruits. My first ‘love letter’ to you is to appreciate what you have done. So, you don’t have anything to be afraid of.

    “We will not collect what is not due to us. But we don’t want anyone not to pay what is due to us. Fair engagement is our plan. Rest assured that the 18% tax-to-GDP target will not translate to increase in taxes.

    “If you have been listening to Mr Taiwo Oyedele who is the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, you will have known that part of the mandate of the committee is to reduce the number of taxes.”

    According to him, the purpose of the engagement with the companies is to factor their inputs into the strategic action plan being mapped out in order to address challenges hampering tax revenue collection.

    He lauded the invited companies for their high sense of responsibility, urging them to continue to discharge their tax obligation diligently.  

    Adedeji added: “I must also commend your commitment to upholding high tax compliance standards and responsible corporate citizenship, which sets you apart as the top taxpayers in Nigeria.

    “This aligns perfectly with our vision of making taxation the pivot of national development through voluntary compliance. Your respective industries play a pivotal role in generating substantial tax revenue for government and in shaping economic and fiscal stability of the nation.

    “We are not unmindful of the challenges facing businesses in Nigeria with the ongoing reforms to improve economic performance. These are painful but necessary choices we must make as a nation to attain our full potential.”

    The chairman, while responding to some of the concerns raised by representatives of the companies such as multiplicity of taxes, duplication of tax oversight on corporate entities, promised to address the issues raised.

    Some of the companies at the event included Nestlé Nigeria Plc, ExxonMobil, Shell, Guinness, Nigerian Breweries Plc, Flour Mills, Dangote Group, MTN, British American Tobacco company, First Bank, Access Bank, Guaranty Trust Bank, Zenith Bank Plc, KC Gaming Limited (Bet9ja), Airtel, Seplat, BUA Cement, Nigeria Liquified Natural Gas, NNPC Limited and others.

  • FIRS will be data-driven, signposted by merit under my watch, says Adedeji

    FIRS will be data-driven, signposted by merit under my watch, says Adedeji

    Acting executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has tasked staff of the agency to key into his vision of making the revenue body one that rests on the accuracy of data for its operations and has merit as its signpost. 

    In a statement issued by his special adviser on media and communication, Dare Adekanmbi, the new FRSC boss also said the FIRS under his leadership “will entrench and maintain the highest standards of transparency and accountability.”

    He stated that having a data-driven system that makes revenue targets predictable is a precondition for the realisation of the fiscal projections of government for economic development.

    According to him, the chairman spoke on Monday, October 16, during a familiarisation visit to the Ikoyi office of FIRS in Lagos where he met with top management staff.

    He said the purpose of the meeting was to get first-hand information from field officers, address challenges being faced by them as well as align their inputs with his strategic action plan for the agency. 

    Adedeji said: “We can play with everything, but what we cannot afford to play with if we are going to succeed, are data and merit.

    “There is nothing like fiscal discipline except you have accurate revenue prediction. This is because if you say you want to spend N10 and be disciplined with it that means the N10 must be somewhere.

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    “We have an audacious vision of accelerated revenue collection and achieving an 18% tax-to-GDP ratio in the next three years to ensure financial sustainability and reduce the nation’s reliance on borrowing.

    “This aligns with the FIRS vision of making taxation the pivot of national development. Accordingly, my vision for the future of FIRS is rooted in efficient service delivery, transparency, and innovation.

    “You must bear in mind that our primary mission is to serve the people of Nigeria and we will do so with a renewed commitment to service excellence. Every Nigerian taxpayer and other stakeholders deserves to experience efficient and courteous service when dealing with us.

    “We will work to simplify our processes, reduce bureaucratic hurdles, and enhance customer service at every level. I understand that trust is essential in tax administration and will strive to build a culture of transparency and accountability.

    The FIRS chairman commended the staff of the agency for their dedication to duty, charging them to redouble efforts at raising the bar in revenue target.

    He added: “I would also like to take this moment to acknowledge the tremendous work done by the dedicated staff of the service. Your commitment to duty, professionalism, and hard work have been pivotal in ensuring the financial stability of our great nation.

    “It is also pertinent to admonish that FIRS, under my leadership, will not condone any acts of indiscipline and corruption by staff. Unauthorised release of official or taxpayers’ information, rumour-mongering and mischievous distortion of facts, absence from work, and other acts of misconduct will not be tolerated.”