Categories: NewsNigeria News

FIRS Signs MoU With UK’s HM Revenue And Customs For Collaboration On Capacity Building

FIRS has signed MoU with UK’s HM Revenue and Customs for collaboration on capacity building.

Glamtush reports that a Memorandum of Understanding between Nigeria’s Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Royal Majesty’s Revenue and Customs (HMRC) was signed yesterday with the aim of fostering improved collaboration on capacity building between the two tax authorities.

This online newspaper understands that the two agencies signed the agreement in London, United Kingdom, and was attended by the Executive Chairman, FIRS, Mr. Muhammad Nami accompanied by some members of the FIRS Board and management, and Director at HMRC, Jon Sherman, alongside other members of the HMRC Executive Committee.

Mr. Muhammad Nami who led members of the Board and management of the FIRS noted that this collaboration was in line with two planks of his cardinal goals for the Service: building a data-centric tax authority and improving the Service’s collaboration and stakeholder relations.

“I am certain that this relationship would equip our officers with the skills of the 21st century tax man,” he stated.

“Data is the new oil. Its collection, interpretation and consequent application for tax purposes has become crucial if the Service must be ahead of the taxpayer in the times we are in.

“With increased collaboration between the Service and tax authorities the world over—which is one of the cardinal pillars of this current management—meticulous and purposeful management, as well as strategic interpretation of the information we exchange between each other has become a fundamental element of inter-tax-authority relations.

“These, among several others, form the major areas where we would be collaborating on capacity building with the HMRC.

“We must be a step ahead.” Mr. Nami noted.

The FIRS boss, who is also the President of the Commonwealth Association of Tax Administrators (CATA), further explained that with this collaboration, officers of the Service will be better equipped to improve tax revenue collection and in turn provide government with the much needed resources to cater for Nigerians.

Commenting further on the collaboration, David Yellowly, Head of Capacity Building at the HMRC emphasized that “the MoU between the Nigerian and UK revenue authorities would see the two countries collaborating on Capacity Building, particularly on issues surrounding Country-by-Country Reporting Standards, Transfer Pricing, Exchange of Information, Data, and Audit in the Oil and Gas industry.”

As Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has engendered numerous collaborative efforts with tax authorities domestically and across the world, in line with his agenda of improving stakeholder relations for improved tax administration.

In February this year, the FIRS signed an MoU with the Lagos State Inland Revenue Service (LIRS) for collaboration on Joint Tax Audit, Exchange of Information and Capacity Building.

Johannes Oluwatobi Wojuola
Special Assistant to the Executive Chairman, FIRS
(Media & Communication)
March 17, 2023

 

GLAMTUSH

Recent Posts

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

Primate Ayodele has released the 31st edition of his annual prophecy book “Warnings To The…

2 hours ago

Adron Homes Made My Dream Come True  — New Homeowner Shares Inspiring Testimony

For many Nigerians, the dream of owning a home often feels out of reach, clouded…

19 hours ago

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

Real Estate industry experts and stakeholders have raised alarm over building collapse in Lagos and…

2 days ago

Zenith Bank Tops Nigeria’s Banking Sector For 16th Consecutive Year In The 2025 Top 1000 World Bank’s Ranking 

Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by…

2 days ago

Former Super Eagles Goalkeeper Peter Rufai Is Dead

A former Super Eagles goalkeeper, Peter Rufai is dead.   The legendary shot stopper died…

3 days ago