The Liberia Revenue Authority (LRA) and the Federal Inland Revenue Service of Nigeria have (FIRS) signed a Memorandum of Co-operation that will strengthen ties between the two tax collecting bodies.
The signing ceremonies took place in Abuja, Nigeria at Headquarters of the Federal Inland Revenue Service, with LRA Commissioner General Elfrieda Stewart Tamba and FIRS Executive Chair Dr. Tunde Fowler signing for their respective institutions.
Speaking during the signing ceremonies on February 27, CG Tamba firstly conveyed appreciation to the FIRS for its commitment to knowledge sharing with the LRA and stressed the importance of Domestic Resource Mobilization as a sustainable way through which the continent can impel its own developmental initiative, as donor assistance dries up.
For his part, FIRS Executive Chair Fowler welcomed the initiative and described it as a platform to strengthen institutional capacity, capability and performance of tax administration of the two taxing bodies.
Under the memorandum of cooperation the LRA and FIRS agreed that their area of co-operation will include, but not necessarily be limited to the 8 counts listed below:
Exchange of information and best practices on revenue modernization and specific areas of expertise;
Identification, initiation and development of pilot projects in the areas of revenue administration;
Provision of technical assistance, within available resources, which may include, inter alia, assistance with programs, capacity building and training to enhance the skills of either Party;
Development of common approaches towards risk profiling, risk assessment and revenue protection measures; and
Development of common approaches towards illicit revenue activities.
Provision of Audit assistance
Tax laws reform and development of Circulars, Guidelines, Regulations and Explanatory Notes on complex tax issues.
Monitoring international dynamics of taxation in order to identify suspicious transactions perpetrators and other persons involved.
The Commissioner General believes that the MOU will serve common interests and contribute to strengthening capacity of the LRA.
Meanwhile, the Commissioner General, as head of the West African Tax Administration Forum (WATAF), was meanwhile in Abuja to also hold discussion with the President of ECOWAS and to present WATAF recommendations to the ECOWAS Commission and also served as keynote speaker at the West African Union of Tax Institutes Conference.