The International Monetary Fund (IMF) has pledged support for Nigeria’s Federal Inland Revenue Service (FIRS) on the ongoing reforms at the agency, while commending it for what it described as significant progress in its core duties.
A Senior Economist at the Fiscal Affairs Department of the IMF, Paulo Paz, made the pledge on Wednesday at the opening of the IMF-supported Headquarters Mission at the Revenue House in Abuja.
The mission of the IMF team to Nigeria was to explore areas the organisation could further support the agency in addressing the challenges that might arise, particularly with the recently signed tax laws.
According to the statement by the Special Adviser on Media to the FIRS Chairman, Dare Adekanmbi, Paz said that the IMF recognised the “good work that FIRS has been providing to the citizens,” under its Chairman, Zacch Adedeji.
Paz said the new tax laws will have a new impact on Nigeria.
“We want to know how we can best support you with this new challenge. Our take on the four tax laws is, first, a recognition of the very good work that FIRS has been providing to the citizens.
“You have at the same time the recognition and new responsibilities with these very powerful laws, which will increase the relevance of the tax administration in Nigeria. I want to express our honour of being here and being a partner of FIRS. Thank you for your trust in our advice. We congratulate you on the good results so far. There is more to come, and we are here to help.”
In his welcome address, Adedeji applauded the IMF for journeying with the tax body, saying that the relationship would continue when the agency transitions to the Nigeria Revenue Service next year.
Adedeji, who was represented by his Chief of Staff, Tayo Koleosho, specifically lauded IMF’s collaboration with FIRS in portfolio management and compliance programme.
“The IMF has gone on this journey with us, and I think we are in a good place to continue the journey together. We are working together in digital transformation, VAT automation, and even the compliance programme and the ability to automate some of those things. I am interested in corporate planning and the nexus of data portfolio management, so that we have our strategy dissolved into manageable tasks. It’s very important that those things are well,” he said.
GIK/APA