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Chairman FIRS extols Digital Currency as the new Gold

Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has described the digital space as the new gold in revenue generation in the country.

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. The conference is themed: Revenue Challenges Online and Offline: Bridging the Digital Divide in an Analogue Economy.
Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has described the digital space as the new gold in revenue generation in the country.

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. The conference is themed: Revenue Challenges Online and Offline: Bridging the Digital Divide in an Analogue Economy.

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 volume of economic activities associated with businesses like Uber, Amazon and our own Jumia and Interswitch is further confirmation of the aptness of the theme.

“To put it in clear terms, the digital space is new ‘gold’ in terms of revenue generation and tax administration, and we must be alive to this fact.

“It is with this in mind that FIRS has designed and deployed electronic tax services (e-services) to ensure the automation of tax processes for the purpose of the improvement of transparency, ease and speed of tax administration for both taxpayers and tax administrators.

“These e-services have in no small way contributed to the successes recorded in the last two years amidst an economy characterised by the effect and aftermath of recession,” Fowler said.