The Imo State Government and the Institute of Chartered Accountants of Nigeria (ICAN) have entered into a partnership to enhance the state government’s revenue profile.
This was contained in a statement released on Tuesday morning in Owerri by the Special Adviser to the Governor on Public Enlightenment, Prince Eze Ugochukwu.
He said the arrangements were concluded in a meeting between the Imo State Internal Revenue Service (IIRS), represented by the Executive Chairman of the service, Mr. Justice Remijus Okoye, and the Commissioner for Finance, Dr. Chuck Chukwuemeka, while the District Chairman of the ICAN, Chief Adolphus Obi, represented the institute.
Ugochukwu disclosed that the collaboration would enhance revenue generation of the state to enable it to meet the growing demands of governance, stressing that the arrangements would involve “working together to improve tax compliance and revenue growth.”
The government official said: “During the discussions, ICAN representatives expressed appreciation for the opportunity and sought closer involvement in government revenue initiatives.”
He informed that the discussion also centred on the joint tax audit administration with the Federal Inland Revenue Service (FIRS),
He said: “In response, the IIRS leadership shared ongoing efforts, including a joint tax audit programme with the Federal Inland Revenue Service (FIRS). The executive chairman stressed the importance of taxpayer education to ensure the success of such initiatives and welcomed ICAN’s potential support in these efforts.”
Ugochukwu disclosed that the duo institutions harmonised on the workable means of educating taxable Imo indigenes, residents and those living outside the state on the compelling need to statutorily remit withholding taxes correctly.
He said: “Another key focus was the need to educate Imo State indigenes, particularly those living outside the state, on remitting withholding taxes correctly. The IIRS believes ICAN’s expertise could play a vital role in simplifying this process.
“Dr. Chukwuemeka, the Finance Commissioner, reiterated the state’s commitment to boosting internally generated revenue (IGR) and preparing for upcoming tax reforms. He encouraged ICAN to contribute innovative ideas that could help shape future strategies.”
The special adviser disclosed that the collaborative interaction highlighted the required approach of the IIRS in engaging the stakeholders in the quest to “improve revenue collection and tax compliance culture” in the state.
