CAC, FIRS strengthen collaboration for economic growth

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Stakeholders during a curtesy visit by CAC’s Registrar-General, Hussaini Magaji to FIRS Executive Chairman, Zacch Adedeji in Abuja

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December 7, 2023.

Azonuchechi Chukwu.

The Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) are strengthening their existing collaboration to ensure economic growth.

Registrar-General of the CAC, Mr Hussaini Magaji, said this on Thursday in Abuja when he visited the FIRS Executive Chairman, Mr Zacch Adedeji.

Magaji said the visit was to familiarise and further cement already existing collaboration between the CAC and the FIRS.

Speaking on CAC’s mandate vis-à-vis its relationship with the FIRS, Magaji said the CAC had created a platform for integration with the FIRS, thereby making the process of business registration seamless.

He emphasised the need for greater cooperation and collaboration between the two agencies that are strategic to national economy, especially as it relates to revenue generation.

Magaji said it was pertinent to identify and formalise the enormous number of unregistered online businesses to boost the country’s revenue.

Responding, the FIRS chairman stressed the need to have a robust inter-agency relationship to make FIRS to perform better.

Adedeji said while the CAC registered and nurtured companies, the FIRS awaited the companies to mature before it began to assess them.

He added that the FIRS relied on the CAC to drive voluntary compliance by obtaining data from the former.

He noted that both agencies needed to reinvigorate their existing standing technical committee to interface more often to cement their long-standing relationship and to engender capacity building.

Also speaking, the Coordinating Director, Digital and Information Support Group of the FIRS, Ms Chiaka Ben-Obi, said Tax Identification Numbers (TINs) were now generated for all entities upon registration.

Ben-Obi said this was a departure from the past when the FIRS supplied the CAC with TIN.

While appreciating the CAC for the introduction of online electronic submission of audited accounts, she said the FIRS was studying the possibility of having an interface with the CAC in that regard. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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