The Federal Inland Revenue Service (FIRS) has said it would start a nationwide audit of taxpayers to increase the country’s revenue base.
This was revealed on Thursday by the FIRS Executive Chairman Tunde Fowler in Lagos during a stakeholders meeting on “Tax Administration and National Revenue.’’
Fowler said that the nationwide audit would help uncloak hinderances in the collection of tax in Nigeria.
He revealed that a consolidated Taxpayer Identification Number database was already on the way.
“The greatest challenge for any tax administration is achieving and maintaining a high degree of self-assessment and voluntary compliance by taxpayers,” Fowler added.
“Studies, however, show that the extent to which an economy is able to grow sustainably and develop depends to a large extent on its ability to generate tax revenue to finance its expenditure and the efficiency of its tax system.
“The questions that arise from these simple statements include how to identify areas of non-compliance; how to measure the level of non-compliance; and how to address non-compliance.’’