CAC Strengthens Collaboration With FIRS To Ensure Economic Growth

The Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) have agreed to reinvigorate their existing collaboration in realising their respective mandates.
This indication was given today during a visit to the FIRS Executive Chairman, Mr. Zacch Adedeji, by the CAC Registrar General/CEO, Hussaini Ishaq Magaji, SAN.
The Registrar General said the visit was to further cement the already existing collaboration between the CAC and FIRS as well as familiarise them.
Hussaini Magaji, who spoke on the Commission’s mandate vis-à-vis its relationship with the FIRS, noted with delight that the CAC had created a platform for integration with the FIRS, thereby making the process of registration seamless.
He therefore stressed the need for greater cooperation and collaboration between the two agencies that are strategic to the economy of Nigeria, especially as it relates to revenue generation.The CAC boss also spoke on the need to capture and formalise what he called an enormous number of unregistered online businesses to boost the country’s revenue.
Responding, the FIRS Executive Chairman, Mr. Zacch Adedeji, stressed the need to have a robust inter-agency relationship in order to make FIRS perform better.
Mr. Zacch Adedeji stressed that while the CAC registers and nurtures companies, the FIRS awaits the companies to mature before it begins to assess them.
He further stated that the FIRS relies on the CAC to drive voluntary compliance by obtaining data from the Commission.
He therefore stressed the need for the two agencies to reinvigorate their existing standing technical committee to interface more often to cement their long standing relationship and also engender capacity building.
The FIRS Boss congratulated the Registrar-General on his appointment and prayed that God Almighty grant him wisdom to achieve his mandate.
Also speaking during the visit was the FIRS Coordinating Director, Digital and Information Support Group of the FIRS, Chiaka Ben-Obi, who said the TIN was now generated for all entities upon registration, unlike in the past when the tax body supplied the Commission with the TIN.  While appreciating the Commission for the introduction of online electronic submission of audited accounts, Chiaka said the FIRS was studying the possibility of having an interface with the Commission in that regard.
She also used the forum to applaud CAC trainings on the Beneficial Ownership Register (BOR).
CAC News reports that the Reglstrar General was accompanied on the visit by the Head of Public Affairs, Mr. D.O. Inyang, and the Head of Protocol, Sanl Idris Lere.

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