The Federal Inland Revenue Service (FIRS) has unveiled a new Electronic and Automated platform for taxpayers to file transfer pricing declaration and disclosures with a view to block leakage in tax collection in the country.
The FIRS made this known in a statement issued by Mr Abdullahi Ahmad, Director, Communications and Liaison Department in the service in Abuja on Wednesday.
Executive Chairman, FIRS, Mr Muhammad Nami said this was necessary because of the stamp duty being collected by banks across the country.
Nami explained that the step was due to the Coronavirus (COVID-19) pandemic which had crippled the global economic system with dire consequences for fiscal planning by all countries of the world.
He stated that the Service was deploying the automated platforms to ensure 100 per cent compliance and tasked the banks to get fully prepared for the adoption of the new compliance programme.
“The need for total compliance and aggressive revenue drive is imperative now in view of the recent crash of oil price from 50 dollars to 29 dollars which will definitely affect our collection from the Petroleum Profit Tax.
“Similarly, the outbreak of the COVID-19 has occasioned a global economic meltdown with serious consequences to our economy.
”You will recall that recently about 50 Nigerian oil bearing trucks could not discharge crude oil to buyers because of this COVID-19 pandemic.
“This has the combined effect of reducing government revenue target and, subsequently, the provision of infrastructures and social amenities.
“We earnestly need 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” he explained.
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