According to the Federal Inland Revenue Service (FIRS), voluntary compliance is the most sustainable approach to raising the nation’s tax receipts.
During a two-day E-Invoice Post Go-Live session, Tayo Koleosho, the Executive Chairman of FIRS’s Chief of Staff, made this statement, emphasizing the limitations of auditing to promote tax compliance.
He characterized e-invoicing as a cutting-edge technique to lower the frequency of taxpayer audits.In my opinion, voluntary compliance is crucial, and the FIRS executive chairman is committed to using this data more to promote voluntary compliance rather than concentrating on audits and the harm they can cause to businesses,” he stated.
He emphasized the value of digitization in promoting tax compliance, stating that the nation implemented electronic invoicing to comply with international standards in the tax system.
“As the economy expands, we will be able to boost voluntary compliance and increase national revenue collection.”
He asserted that there is a clear link between increased voluntary compliance and the service’s capacity to collect more money, which in turn boosts national growth.
He mentioned that, with assistance from the National Information Technology Development Agency (NITDA), the agency has strengthened the E-invoicing platform’s transaction procedure to deter cybercrime.
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