the Imo State Internal Revenue Service (IIRS) and representatives of some Microfinance Banks in a tax compliance strategy meeting recently
To discuss and agree on Harmonized Assessments (HA) for the banks in order to ensure compliance with tax obligations in Imo State, a strategic meeting between the Imo State Internal Revenue Service (IIRS) and representatives of some Microfinance Banks has been held with high success.
The Chairman of the Imo State Internal Revenue Service, Mr. Justice R. Okoye, who welcomed the banks’ representatives, requested a comprehensive list of their members as well as their cash points and branches. This list will help categorize the banks for effective assessment, monitoring and enforcement in accordance with extant tax laws.
Okoye highlighted the introduction of the New Revenue Management System (RMS) which is an automated system aimed at improving tax collection and reducing revenue leakages by unscrupulous elements parading as revenue collectors.
He encouraged the banks to collaborate with Local Government Area (LGA) Chairmen as regards to banking activities at their cash points and branches in such locations citing the Memorandum of Understanding (MOU) between the LGA Chairmen and the State Government.
The Chairman raised concerns regarding some of the banks’ noncompliance to tax remittance especially Pay As You Earn (PAYE) and past assessment notices served. In response, the Banks’ representatives promised to address the issue at their forth coming meeting and requested for the list of non-compliant banks.
In conclusion, Mr. Okoye informed the banks’ representatives that the Service has deployed revenue officers to all LGAs in the State to drive revenue generation and further educate citizens on the use of the RMS.
