Connect with us

News

FIRS boss Urges Tax Administrators to Deepen Investments in ICT

Published

on

Kindly share this post

Mr. Muhammad Nami, the Executive Chairman, Federal Inland Revenue Service (FIRS) and President, Commonwealth Association of Tax Administrators (CATA), has tasked tax administrators to keep up with the dynamics occasioned by disruptive new technologies of the 21st century by arming themselves with the necessary skills, capacity and character for effective and efficient tax administration in the fourth industrial revolution age.

He gave the charge to the 2022 CATA Senior Leadership programme held at His Majesty’s Treasury Headquarters, London, United Kingdom at the weekend.

Mr Nami, in his remarks, highlighted that due to technological advancements in actualising human needs, fulfilling social interactions and conducting commercial activities, the way and manner of tax administration is constantly changing.

He thus called for tax administrators to keep up with the times by improving their skills and competence in line with these changes.

“The global tax arena is continually changing,” he noted. “The growing reliance on technology for much of basic human needs, social interactions and business dealings means that the tax turf remains in a state of constant flux.

“The taxman is only able to match the depth and pace of the changes if equipped with relevant, adequate and up-to-date skills.”

The CATA President praised the Commonwealth association for its investments and contributions through its Senior Leadership Programme, which he noted has helped bridge the capacity gaps of tax officials in member countries.

“I am glad to note that CATA has, over the years, continued to organise the Senior Leadership Programme in order to meet the capacity development needs of tax officials in commonwealth countries. It has become a tradition for CATA to provide participants in this programme with top-notch tuition using case studies in a fun-filled environment.

“The 2022 edition did not depart from this tradition. The classes, according to reports, were very interactive all through the various sessions whether at home, in India or in the UK.

“Without doubt, the capacity of participants to lead themselves, to lead others, and to lead their functional units have been greatly enhanced.”


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

News

Stamp Duty Is Revenue Stamp, Not Postage Stamp, LIRS Chief Clarifies

Published

on

Kindly share this post

Mr Tokunbo Akande, Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, has clarified the misunderstanding about stamp duty as he maintained that it is a revenue stamp and not a postage stamp.

Akande made this known while featuring as a guest on The Tax Talk programme on Channels Television recently.

He said contrary to public opinion, stamp is not just for courier services as it is meant to certify the underlying transaction between two entities, whether they are corporate entities or individuals, thus, the framework for stamp duty is to verify the documents for underlying transactions and ensure that they are admissible in court in case any disputes arise.

Akande noted; “It’s interesting to note that stamp duty, a tax law that dates back to 1939, is still in effect today. Although it was reenacted in 2004 and has been updated over time through the Finance Act, the basic premise remains the same.

“Stamp duty places the responsibility on those involved in certain transactions to provide documentation that explains the details of the transaction. For example, if someone purchases an item from another person, a receipt is given to show the transaction.

“This receipt must be stamped to be considered admissible evidence in court in case any disputes arise. In the past, the postal stamp was used to denote the stamp duty.”

Akande, who noted that Stamp duty has contributed significantly to revenue generation in Lagos State, as the state has generated over N5 million from stamp duty over the past few years, said the agency believes there is still room for improvement.

While stating that the agency is considering the introduction of revenue stamps for wholesalers and distributors for receipts over N10,000 in the state, he noted; “This approach was previously utilized in the 1970s, and we are eager to revitalize it. We are fully committed to engagement and process improvement.

He said the agency has taken the step of digitizing its stamp duty operation by transitioning from manual to electronic processes.

According to Akande, “The Joint Tax Board (JTB), which oversees all Internal Revenue Services (IRSs), the Federal Inland Revenue Service (FIRS), customs, immigration, and other related bodies, has been at the forefront of promoting awareness about stamp duty in general.

“LIRS (Lagos State Internal Revenue Service) has also made significant efforts in this area by holding town hall meetings, issuing public notices and guidance notes, and engaging with professional bodies.

“However, despite these efforts, the message has not been fully received. It is important to note that the law requires that all transactions between two entities must be stamped, and even items such as cheques have a small stamp on them.

“This is because they may be admissible in court. Therefore, it is your responsibility to ensure that any documents related to transactions above a certain level of expenses are properly stamped, as failure to do so renders them as ordinary paper.

He said LIRS has expanded its presence across various states, with offices conveniently located to better serve taxpayers as its officials are proud to offer assistance with legal proceedings and have desks located in all the courts of Lagos.

“Our team of experts ensures that all necessary documents are properly stamped and verified by the commissioner for stamp duty. We take record-keeping seriously, as it helps to ensure the authenticity of all documents that pass through our hands.

“Proper stamping of documents is essential, whether you’re borrowing money from a bank or renting a property. Failure to do so could render them inadmissible in court. We are here to help certify your documents and ensure they have the necessary stamps to make them legally binding,” Akande submitted.


Kindly share this post
Continue Reading

News

Truecaller Unveils Brand Identity Features to Curb Fraud

Published

on

Kindly share this post

Truecaller has announced a corporate rebranding and launch of a brand new app icon that will be instantly recognisable on the Google Play Store and Apple App Store. The taming of the new brand identity aligns with a significant transformation taking place in the digital space. At the heart of this rebranding is Truecaller’s renewed sense of purpose, energy and enthusiasm.

Commenting on the announcement, Alan Mamedi, Co- founder and CEO, Truecaller said, “We are excited to unveil our new brand identity and logo. It signifies our continued commitment to our users and our focus to constantly evolve and improve, every day.”

“Our mission, to protect communication for all, is what guides us to develop new anti-fraud solutions like Search Context and engineer improvements to improve user privacy,” he added.

As part of this refreshed identity, Truecaller users also get a powerful new anti-fraud feature called Search Context, as a part of the Truecaller AI Identity engine.

While looking at the search results for any number, Truecaller users will be instantly notified if the name for the number has been recently changed or is being changed frequently.

The app also classifies this contextual message into three colour categories: blue, for a neutral change, yellow, which indicates a potentially suspicious name change and finally red, indicating multiple and frequent name changes which are highly indicative of fraudulent and scammer activity.

This message will be shown to all Truecaller users on all search results across Android, iPhone and Truecaller web.


Kindly share this post
Continue Reading

News

Yemi Cardoso Assumes Duty as Acting CBN Governor

Published

on

Kindly share this post

Dr Olayemi Cardoso, on Friday, formally assumed duty as the acting Governor of the Central Bank of Nigeria (CBN).

According to a statement by Isa AbdulMumin, CBN’s Director, Corporate Communications, Cardoso’s resumption in acting capacity is pending his confirmation by the Senate.

“This follows the resignation of Mr. Godwin Emefiele as Governor of the CBN,

“Similarly, the Deputy-Governors-designate have also assumed duty, in acting capacities.

“This is sequel to the formal resignation of Mr Folashodun Shonubi, Mrs Aishah Ahmad, Mr Edward Adamu and Dr Kingsley Obiora as deputy governors.

“Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja,” AbdulMumin said.

He said that they had since settled down to the task of administering monetary and financial sector policies of the Federal Government.

The News Agency of Nigeria (NAN) reports that Cardoso was nominated by President Bola Tinubu as CBN governor on Sept. 15.

Tinubu also nominated Emem Usoro, Abdullahi Dattijo, Philip Ikeazor and Bala Bello as deputy governors


Kindly share this post
Continue Reading

Trending