With the recent appointment of Mr Babatunde Fowler as the acting Executive Chairman of the Federal Inland Revenue Service (FIRS), his primary mandate is to significantly increase Nigeria’s tax revenue collection which is currently one of the lowest in the world in terms of tax to GDP ratio. In addition, the FIRS leadership is expected to introduce reforms that will make the tax system more efficient. Initial proposals by the new Chairman include: joint tax audits by states and FIRS, advance CIT payment on interim dividends, and use of tax consultants for audit and investigation.
Read our tax alert below for more insights.
Download Tax Alert_New FIRS Leadership & What to Expect