E-economy, a new gold mine

The digital space has been described as the new gold mine in revenue generation. The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, said this in his opening remarks at the third annual Nigeria Tax Research Network conference which held at the FIRS Training School in Durumi, Abuja.

According to the FIRS boss, it is important that the service improves its capacity in the taxation of economic activities within the digital space. Towards this, Fowler said the FIRS has deployed electronic tax services (e-services) to ensure the automation of tax processes for the purpose of improving transparency as well as easing speed of tax administration for both taxpayers and administrators.

The e-services, he said are e-Registration for registration of new taxpayers; e-Stamp duty for payment of stamp duties on qualifying documents; e-Tax Payment for payment of all taxes of the Federal Government using Nigeria Inter-Bank Settlement System (NIBSS), Remita or Interswitch; e-Receipt for receiving and verifying e-receipts generated for taxes paid through the new e-TaxPayment. Others are e-Filing, which enables taxpayers file their tax returns through Integrated Tax Administration System (ITAS); and e-TCC platform, which enables taxpayers apply for, receive and verify authenticity of their electronic tax clearance certificates (e-TCC).

Fowler stated that the conference is an opportunity for tax administrators to brainstorm on new ideas to broaden the tax net as well as strategize on optimal service delivery. The conference, according to him, is also for the discussion of current ideas, new trends and future prospects of revenue collection. He urged participants at the conference to employ their different expertise in helping the FIRS and other tax administration authorities in their efforts at effective taxation, especially of the digital space.