• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

FIRS Digitization Plans Will Curb Tax Evasion and Revenue Loss

by Yinka Okeowo
May 20, 2022
in Finance
0
UBA
Advertisements

The ambitious move by the Federal Inland Revenue Service (FIRS) to embrace the digitization of tax processes has continued to gather momentum after the Nigerian government reiterated its commitment to a digital economy.

A digitalized tax administration refers to using advanced platforms to enable real-time or near real-time collection and analysis of detailed taxpayer data.

According to experts, a digitalized tax administration process will block revenue leakages and revolutionize revenue generation for Nigeria. 

It will also put a stop to illicit financial outflows from the country and enforce tax compliance among multinationals operating in the country.

TechEconomy gathered that Nigeria may have lost about $178 billion (about N5.4 trillion) to tax evasion by multinationals in ten years.

“Nigeria’s economy is fast digitalizing and digitalization of the Nigerian economy means that the ways and manners of organizing and doing businesses have changed,” Professor Yemi Osinbajo said on Thursday. 

Professor Yemi who was represented by the Executive Chairman of the FIRS, Muhammad Nami, at the recent Chartered Institute of Taxation of Nigeria’s (CITN) 24th Annual Tax Conference, said the government will continue to heavily invest in the automation of tax administrative processes and digital infrastructure. 

Professor Osinbajo noted that the theme for the tax conference, “Global Disruption, Taxation, and Digitalisation: Implication for Socio-Economic Development” aptly captures the prevailing realities within the national and global digitalization. 

“Indeed, the radical changes brought about by digitalization have displaced the traditional approach to tax administration. Consequently, the digitalization of tax administration is unavoidable.

“He revealed the government has provided the enabling environment for a digitalized tax administration by making the necessary tax policy changes. 

Additionally, he said, the government is also developing rules for taxation of the digital economy, enactment of required legislation, and providing necessary political backing for the team negotiating the new international tax rules for the digitalized economy.

However, the Vice President urged the institute to see its role in society as a pillar of the country’s socio-economic development.

“The possible impact of non-compliance by taxpayers—whom you hold briefs for—on the government’s revenue and the larger society is crucial and must be given topmost priority while holding briefs for them.

“In doing so, you must always bear in mind the pronouncement of the Court of Appeal in Phoenix Motors v. National Provident Fund Management Board (1993) that it is in the best interest of the society at large that government be in revenue.“

It is through this prism that I see your Institute as a pillar for the socio-economic development of Nigeria and the emancipation of the downtrodden of our society. 

Without a doubt, your members will continue to discharge the solemn and sacred responsibility of ensuring that the interest of the larger society in Nigeria is not trodden upon; and this you must do with patriotic zeal,” he noted.

Loading

Advertisements
MTN ADS

Author

  • Yinka Okeowo
    Yinka Okeowo

    View all posts
0Shares
Tags: Digitalised TaxFIRStax
Yinka Okeowo

Yinka Okeowo

Next Post

Jumia Q1 2022 Results – 44% Increase in Revenue

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Apple Expands Clean Energy Push in China with $99 Million Fund

Apple Expands Clean Energy Push in China with $99 Million Fund

3 months ago
NAJA for Local Car Assembling in Nigeria

NAJA: Kia, Coscharis, Globe Motors, Others to Discuss Local Car Assembling

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.