Executive Chairman of Imo State Internal revenue Serice (IIRS), ustice Okoye,FCA
The executive chairman of Imo State Internal Revenue Service (IIRS), Mr. Justice R. Okoye (FCA), has provided strategic insights on the values of understanding tax, playing by the rules, and paying as and when due.
Explaining more to Business Hilights.ng on issues surrounding taxation in a developing economy, Okoye explained that “People and government trust businesses that play by the rules.”
“In today’s world, credibility is currency and one of the strongest ways to build it is through transparency, especially when it comes to taxes.
“For business owners, contractors, and public figures, paying your taxes is more than a legal obligation it’s a public statement of integrity. It tells your clients, partners, and the government that you operate with honesty, accountability and respect for the system that supports your success.
According to him, “When you are tax compliant:
✔ You build trust with clients and investors
✔ You position yourself for bigger contracts and opportunities
✔ You avoid legal issues that can damage your reputation
✔ You strengthen your brand as responsible and reliable
On the other hand, tax evasion doesn’t just carry penalties it destroys credibility. In an age where information travels fast, reputational damage can cost far more than any tax liability.
Transparency is not weakness it is strength. It sets you apart in a marketplace where many cut corners, and it establishes you as a professional people can confidently do business with.
Your reputation is one of your greatest assets. Protect it by doing the right thing even when no one is watching.
Because at the end of the day, people don’t just buy your product or service… they buy your integrity.
While advising Nigerians to remain tax compliant and credible, Okoye listed key issues “What you don’t know about tax can hurt you.”
Let’s bust some common myths:
❌ “Only big companies pay tax”
Truth: Every income earner small business, freelancer, or professional has a tax responsibility.
❌ “Government wastes all tax money”
Truth: Taxes fund critical infrastructure and services. Lack of trust doesn’t remove your obligation.
❌ “I can’t be traced”
Truth: With digital systems and data tracking, staying invisible is becoming impossible.
Ignorance is not a strategy it’s a risk.
The smartest move? Get informed, stay compliant and protect your income and reputation.
Don’t let myths cost you what discipline can save.
Okoye also made it clear that “Your business may be small, but your tax responsibility is not”.
According to him, “Many entrepreneurs focus on making sales and forget that compliance is what sustains the business long-term. The truth is most small businesses don’t fail because they aren’t profitable they fail because they ignore the little things that matter, especially taxes.
Common mistakes?
❌ Not registering properly
❌ Poor or no record-keeping
❌ Mixing personal and business finances
❌ Ignoring filing deadlines
❌ Assuming “small” means “invisible”
Here’s how to fix it:
✔ Register your business and stay updated
✔ Keep clear and accurate records
✔ Separate your business from personal spending
✔ File and pay taxes on time
✔ Seek professional guidance when needed
Compliance is not a burden it’s a foundation for growth, credibility and opportunities.
Don’t wait until there’s a problem before you act.
Build right. Stay compliant. Grow confidently.
