The Liberia Revenue Authority (LRA) and the Federal Inland Revenue Service of Nigeria (FIRS) have signed a Memorandum of Co-operation that will strengthen ties between the two tax collecting bodies.
The signing ceremony took place in Abuja, Nigeria, at the 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 ceremony on February 27, CG Tamba expressed 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 drive 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 and the capability and performance of tax administrators 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 including 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; and 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.
The rest are development of common approaches towards risk profiling, risk assessment and revenue protection measures; 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 and monitoring international dynamics of taxation in order to identify perpetrators of suspicious transactions and other persons involved.
The Commissioner General believes that the MOU will serve common interests and contribute to strengthening the capacity of the LRA.
Meanwhile, the Commissioner General, as head of the West African Tax Administration Forum (WATAF), was in Abuja to also hold discussion with the President of ECOWAS and to present the WATAF’s recommendations to the ECOWAS Commission. She also served as keynote speaker at the West African Union of Tax Institutes Conference.