FIRS has made significant progress —IMF

The ongoing reforms at the Federal Inland Revenue Service (FIRS) have garnered positive feedback from the International Monetary Fund (IMF), which noted important advancements in the agency's primary responsibilities.

Paulo Paz, a Senior Economist from the Fiscal Affairs Department of the IMF, expressed this praise yesterday during the start of an IMF-supported mission at the Revenue House located in Abuja.

Paz highlighted the IMF's acknowledgment of the valuable services that FIRS has been providing to the public under the leadership of chairman Zacch Adedeji. He also indicated that the organization will continue to assist the agency in its efforts to enhance tax administration, which is crucial for the nation’s growth and development.

As stated by Dare Adekanmbi, the Special Adviser on Media to the FIRS chairman, the purpose of the IMF team’s visit to Nigeria was to identify ways in which they could further assist the agency in tackling potential challenges, particularly those associated with the newly enacted tax laws.

He emphasized that the new tax regulations would significantly impact Nigeria.

“We aim to understand how we can best aid you in facing this new challenge. Our perspective on the four tax laws starts with recognizing the commendable efforts that FIRS has been making for the citizens.

“With this acknowledgment come new responsibilities linked to these powerful laws, which will boost the importance of tax administration in Nigeria.

“It’s a privilege for us to be here and to partner with FIRS. Thank you for trusting our counsel. We celebrate your achievements thus far. More is on the horizon, and we’re here to assist,” he remarked.

In response, Adedeji welcomed the IMF team and expressed gratitude for their ongoing support, noting that this cooperation would persist even as the agency transitions to the Nigeria Revenue Service (NRS) next year.

Represented by his Chief of Staff, Tayo Koleosho, Adedeji specifically commended the IMF for its collaboration with FIRS in areas like portfolio management and compliance programs.

“The IMF has been with us throughout this journey, and I believe we are in a strong position to continue working together. Collaborations include advancements in digital transformation, VAT automation, and efforts to improve compliance programs through automation.”