Lagos State Government has sealed a bilateral agreement with the Federal Government to harmonise tax administration, raise system efficiency and proffer solution to challenges of multiple taxation.
Governor Babajide Sanwo-Olu, on Monday, presided over a ceremony where Federal Inland Revenue Service (FIRS) and Lagos State Inland Revenue Service (LIRS) signed a Memorandum of Understanding (MoU) to establish a joint tax audit system that will address duplication of efforts and facilitate exchange of data that are relevant to enforcement of extant tax laws.
Minister of State for Finance, Mr. Clem Agba, witnessed the agreement signing event held the State House in Marina, which also had Commissioner for Finance, Dr. Rabiu Olowo, Lagos Attorney General, Mr. Moyosore Onigbanjo, SAN, Commissioner for Economic Planning and Budget, Hon. Sam Egube, and Commissioner for Information and Strategy, Mr. Gbenga Omotoso, in attendance.
Aside from offering joint jurisdiction in tax audit and bringing about an integrated system of tax compliance, the scope of the MoU also empowered both tax authorities to exchange information sourced under International Tax Treaties in line with global protocols, while creating a common tax collection platform to eliminate double taxation.
Sanwo-Olu described the collaboration as “epoch-making”.