The Federal Government through the Federal Inland Revenue Service (FIRS) has stated that it has plans to detect tax Evaders, recover lost revenues and prevent tax leakages through improved tax enforcement schemes.

Zacch Adedeji, Executive Chairman, FIRS, made the disclosure at the Commerce and Industry Correspondents Association of Nigeria (CICAN) annual workshop awards and recognition themed “Effects of the Federal Government’s tax reforms on the economy”

He stated that the move is coming on the heels of the pronouncement of the federal government’s desire to raise tax to Gross Domestic Product (GDP) ratio to 18 per cent in the next three years without having to impose additional taxes.

This, according to him would be achieved through the use of tax laws to boost compliance.

Adedeji, who was represented by the Director and Coordinator, Lagos Island FIRS, Mrs. Oyeniyi Fadekemi, stated that the success of these reforms relies not only on the government but also on the active participation and cooperation of the business community.

“We call upon all stakeholders to embrace these reforms, fulfill their tax obligations, and work hand in hand with the government in achieving our common goal of building a strong and resilient economy,” he noted.

He reaffirmed the Service’s commitment to creating a level playing field for all taxpayers and recognizing the importance of combating tax evasion and ensuring that everyone pays their fair share of taxes.

He stated that taxation is the lifeblood of any economy, as it provides the necessary funding for government to carry out its functions and implement policies that foster growth and development.

He pointed out that it is, therefore, imperative that Nigeria’s tax policy reforms are effective, fair, and encourage investment and innovation.

He noted that over the years, Nigeria has recognised the need for tax policy reforms to address the challenges faced by businesses and create an enabling environment for economic growth.

“It is instructive to note that part of the Renewed Hope Agenda of President Bola Ahmed Tinubu is to reform the tax system. On assumption of office, he set up a Presidential Committee on Fiscal Policy and Tax Reforms headed by Mr. Taiwo Oyedele with other eminent Nigerians representing various institutions and professional bodies with the mandate to reform the tax ecosystem,” he added. (Daily Independent)

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