FIRS, JTB share data of high-income earners

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Image result for FIRS, JTB share data of high-income earnersThe Joint Tax Board and the Federal Inland Revenue Service have started sharing data of high net worth individuals to profile income earners and taxpayers in order to get them pay appropriate taxes.

Twelve states have signed the Memorandum of Understanding under the Voluntary Assets and Income Declaration Scheme.

The JTB also announced that it had engaged a consultant to ensure that the databases of the state tax authorities and the FIRS could connect to each other.

The integration of data would help data sharing among states, improve compliance and tax revenue.

The Executive Chairman, FIRS and JTB, Mr. Tunde Fowler, announced the MoU with states on VAIDS in Abuja during the 138th meeting of the JTB.

He said the integration of data among the states between the FIRS and the JTB would help to identify high net worth individuals, track their tax status and compliance.

Fowler said there were no sacred cows as regards the implementation of VAIDS

According to the FIRS boss, the Federal Government has demonstrated an uncommon political will to entrench tax compliance in the country, saying issues of taxation are taking a centre stage in the country.

He said, “Speaking on behalf of the FIRS and the JTB, I want to assure you that we have received the blessing and political will of Mr. President, the Acting President to implement VAIDS.

“The Executive is behind us, the Senate, the House of Reps, are behind us and the judiciary is behind us. The government is behind us. It is now left for us to perform our duties in the right and best way.

“A lot of special things are happening to the country. We are changing the financial profile of the country and of course, taxation is in the forefront. I can’t recall any time in the past when we had had such integration and cooperation. Our vision is to ensure that the governments, at all levels have enough resources to provide essential facilities to everyone.”

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