The Economic Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) should work together to track and report local and international financial transactions involving corporations, multinational corporations, and high-net-worth individuals.
The call was placed yesterday as FIRS Chairman Zacch Adedeji was visiting Ola Olukoyede, the Executive Chairman of the anti-graft agency, at his Abuja office.
Socioeconomic activities “are speedily transcending from bricks-and-mortar to a digital and knowledge-driven economy,” according to Adedeji, who stressed the importance of the relationship.
The chairman claims that in order to monitor financial activities, FIRS makes use of data, information, and intelligence from unaffiliated organizations like the EFCC.
According to a statement from Dare Adekanmbi, the Special Advisor on Media to the Chairman of the Financial Institutions Regulatory Commission (FIRS), the chairman requested the commission’s assistance in exchanging data to improve spying and inquiry.
The head of FIRS acknowledged the roles played by FIRS and EFCC in maintaining fiscal stability and fighting financial crimes in the nation, underscoring the necessity for the two organizations to constantly collaborate and plan meetings to address particular issues. He also disclosed that the two organizations’ current working relationship has improved tax compliance.
“In order to promote tax compliance and deter economic crimes, we should also look into the possibility of cooperative initiatives, public awareness campaigns, and stakeholder engagement with businesses and the general public.”
“Collaborative training and capacity-building initiatives could be advantageous in improving the abilities of FIRS and EFCC staff in identifying and resolving financial offenses associated with tax avoidance.”
“I am also aware of ongoing cases involving the EFCC in tax investigations. In order to enable us to obtain the desperately required revenue, I sincerely ask the chairman to assist us in facilitating the transfer and closure of these cases,” he stated.
“As the nation is going through a transformational stage in repositioning its socio-economic landscape through the president’s Renewed Hope Agenda, the EFCC and the FIRS have a critical role in supporting the reforms and ensuring the desired outcomes,” Adedeji said, congratulating Olukoyede on his appointment.”
