E-Financial
LIRS Introduces New Tax Forms, Slashes Cost of Replacing e-TCC
Lagos State Internal Revenue Service ((LIRS) has announced various initiatives aimed at achieving efficient tax administration in the State, as part of efforts to enhance the ease of doing business in Lagos.
Mr. Olufolarin Ogunsanwo, executive chairman of LIRS, said that the agency has consistently been at the vanguard of reform activities aimed at easing the process of doing business in Lagos State in particular and by extension Nigeria, thereby championing several initiatives aimed at supporting Governor Akinwunmi Ambode, in achieving his electoral promises to Lagosians.
Among the initiatives is the introduction of a new two-page tax form to replace the old six-page form which is to be used for both direct and self-assessments. He stated that the revised form and its guide notes would be translated to Pidgin English and Yoruba for ease of completion and wider reach”
In the same vein, the chairman noted that physical filing of Annual Returns is already being complemented with e-submission (on-line submission of Annual Returns) to ease compliance by Tax Payers.
Another initiative by the LIRS according to the chairman is the introduction of customer-care desk in all the 38 Tax Stations to deal promptly with all issues that may be brought up by tax-payers saying the initiative will be complemented with the launch of LIRS Hotline that will provide 24/7 customer-call service in English, Yoruba and Pidgin English.
The chairman emphasized that payment for tax should be made convenient and because of this the agency is leveraging on technology to offer multi-modal payment portals including but not limited to PoS, mPay, online, etc without sacrificing the traditional/extant payment portal at the bank thereby taking payment portals to the tax payers for their convenience.
Furthermore, Ogunsanwo pointed out that the agency has concluded all arrangements to ensure that maximum response time of 72 hours to all electronic tax clearance certificate (e-TCC) requisitions is met and failure should be reported to any of customer care-desks.
Meanwhile the chairman disclosed that the current cumbersome requirements for replacement of lost e-TCC such as Police Report, Sworn Affidavit etc are to be waived and replaced with presentation of LASRRA Card while the replacement fee is to be reduced from N2,500= to N1,000= only.
Specifically the chairman stated that the agency has commenced the process of overhauling of the informal sector operations with a view to easing voluntary compliance by tax payers in this huge sector that have been categorized into three which include the Market Men/Women and Artisans, Micro, Small & Medium Scale Enterprises (including Professionals) and Household Domestic Staff (HDS).
In view of the declining revenue from the centre as a result of fall in the price of crude oil, Ogunsanwo revealed that LIRS is poised to focusing on other revenue sources such as Consumption Tax from Hotel Occupancy, Withholding Tax on Contracts, Rent, Royalties and other areas to shore up the Revenue in the State.
Speaking at the event, Mr. Niji Kazeem, State Attorney General and commissioner for Justice said the administration of Governor Ambode had put in place necessary measures to end the era of tax evasion and indeed avoidance in the state, adding that tax avoiders and evaders would be aggressively pursued in line with the provisions of the law.
The Commissioner, who disclosed that the Ministry of Justice had established a Rapid Tax Prosecution Unit to aid the Lagos Internal Revenue Service (LIRS) in its drive to collect taxes, added that the unit would work closely with the Revenue Courts, which the Chief Judge of Lagos State recently agreed to set up.
Mr. Mustapha Akinkunmi, commissioner for Finance, said in the light of the reduction of federal transfers to States including Lagos, the State government was looking inwards to secure sustainable ways of increasing its revenue profile and plugging leakages in the system.
Other critical stakeholders in attendance at the well attended press conference were President, Chartered institute of Taxation of Nigeria (CITN), Mrs Olateju Somorin,Vice president, Lagos State Chambers of Commerce and Industry (LCCI), Mrs. Agnes Shobajo, representatives of Association of professional Bodies of Nigeria (APBN), Manufacturers Association of Nigeria (MAN), Market Men and Women Associations of Nigeria, Nigeria Association of Small and Medium Enterprises (NASME) among others.
Dr Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has stated that cross-border tax crimes had undermined effort of countries to raise revenue for development.
He added that cross-border tax crimes distorted fair competition because compliant companies pay a higher cost for business and appear less profitable.
He also challenged global leaders to tackle the rising cross-border crimes that have disrupted revenue mobilisation and economic growth. Adedeji threw the challenge while delivering a keynote address at the 42nd Cambridge International Symposium on Economic Crimes (CIDOEC) held at the University of Cambridge, United Kingdom.
The symposium has, for over four decades, been a crucible of ideas, a forge for strategies, and a platform where countries chart a collective course against the impact and threat economic crimes pose to countries and institutions.
The global meeting was attended by about 1,000 participants from more than 100 countries, including legislators, policy makers, law enforcement agencies, security and intelligence personnel, regulators, governance and compliance officers, and academics.
Special Adviser on Media to the FIRS boss, Dare Adekanmbi, in a statement, said Adedeji was represented by the Coordinating Director of Proceeds of Crime Management and Illicit Financial Flows and immediate past chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye.
“This year’s theme ‘Cross-Border Crimes’ speaks directly to one of the most complex and corrosive challenges of our interconnected world. “In a global economy where capital can move faster than law enforcement, and where digital and legal arbitrage often outpace regulation, the fight against crossborder economic crime is, by necessity, both local and global, both urgent and pressing.
“Modern day cross border crimes remind us that borders and boundaries have become virtual and distance irrelevant to the perpetration of crime and the negative impact on victims,” said Adedeji, who is also the Special Adviser on Revenue to President Bola Ahmed Tinubu.
On corporate or natural citizens who evade, avoid, fraudulently manipulate tax obligations by exploiting the intricacies of international trade or international finance, the FIRS boss said they have become implicated in cross border crimes.
He said: “When corporate or natural persons earn income in one country but hide same in another country, when they deceive, conceal or falsify records, they undermine the integrity and fiscal aspirations of the two countries they are manipulating. “When they hide income and assets in secrecy in some jurisdictions to avoid home-country taxes, they are hurting the fiscal target of home country.”
Securities and Exchange Commission (SEC) Nigeria has officially launched its newly redesigned website, marking a significant step toward enhancing digital engagement, regulatory transparency, and investor protection.
The regulator, in a statement on Monday, said the upgrade introduces a modern design, enhanced functionality, and a streamlined user experience aimed at investors, market operators, and the general public.
According to the SEC, the new platform features improved navigation, consolidated resources such as regulatory guidelines and publications, and a mobile-friendly design.
“This comprehensive upgrade introduces a modern design, enhanced functionality, and a streamlined user experience,” SEC said.
“The restructured platform ensures critical information is better organized and more accessible for all stakeholders, including investors, market participants, and the general public.
“Key enhancements include an intuitive menu and site structure for finding information quickly.
“Consolidated Resources: Key documents, regulatory guidelines, and publications are now easier to locate. A responsive design optimized for desktop and mobile devices.
“The initiative underscores the Commission’s ongoing commitment to transparency, operational efficiency, and improved stakeholder engagement.”
According to Emomotimi Agama, director-general (DG) of SEC, the website redesign reflects “our dedication to continuous improvement in service delivery and communication”.
“This digital advancement is a significant step in building a more transparent and accessible Commission, enhancing our engagement with the capital market and the investing public,” Agama said.
Also speaking, Samiya Usman, executive commissioner for corporate services at SEC, said the focus went beyond aesthetics.
“By simplifying access and logically organizing content, we have created a powerful platform that supports our mission to develop and regulate a fair, efficient, and transparent capital market,” the commissioner said.
The SEC urged stakeholders to explore the website and use its features to access regulatory updates, news, and services.
Fidelity Bank, one of Nigeria’s leading financial institutions, has announced its intention to establish a lasting presence in the Democratic Republic of Congo (DRC).
Nneka Onyeali-Ikpe, group managing director, Fidelity Bank Plc, met with the Augustin Kibassa Maliba, Congolese Minister of Digital Economy, in Kinshasa on last week to discuss the plan.
Onyeali-Ikpe stated that the Congolese subsidiary would focus on funding digital projects and financial inclusion.
If the expansion proceeds, Fidelity Bank would become the 16th active bank in the DRC and the fourth Nigerian-owned institution, joining Access Bank, FirstBank and United Bank for Africa (UBA).
The Congolese government views the move as a way to broaden financing options for small and medium-sized enterprises (SMEs), tech startups, and public digital transformation initiatives.
Fidelity Bank is already involved in a project to launch a Congolese satellite aimed at improving internet connectivity and bolstering the digital economy.
The DRC’s banking sector remains significantly underdeveloped.
In 2024, with a population exceeding 100 million, the country had approximately 15 commercial banks, most of which were subsidiaries of foreign banking groups.
The banking penetration rate was only about 6% in 2022, well below the African average of 15%.
Additionally, bank loans to the private sector accounted for just 9% of GDP in 2023, compared to a continental average of 25% to 28%.
Also, according to the Central Bank of Congo, total bank deposits reached $12.87 billion by the end of May 2024, with households contributing 33.5% of the total.
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