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CAC, FIRS strengthens partnership to boost revenue generation

The Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS), say they are strengthening their existing relationship to ensure economic progress.

CAC-FIRS
CAC-FIRS

Abuja, Nigeria

The Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS), say they are strengthening their existing relationship to ensure economic progress.

Hussaini Magaji, registrar-general of the CAC, stated this on Thursday in Abuja during a visit to the executive chairman of FIRS, Zacch Adedeji.

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According to Magaji, the purpose of the visit was to familiarise and strengthen the existing relationship between the two government agencies.

He said the mandate of CAC in its relationship with FIRS, had developed a platform for integration with FIRS, making the process of business registration more streamlined.

Magaji added that the importance of improved cooperation and coordination between the two agencies is critical to the national economy, particularly regarding income generation.

The registrar-general said it was critical to identify and formalise the vast number of unregistered online enterprises to enhance the country’s revenue.

Responding, the chairman of FIRS emphasised the importance of strong inter-agency collaboration for FIRS to function better.

Adedeji said, that whereas CAC registered and nurtured enterprises, FIRS waited for them to mature before assessing them.

He added that FIRS relies on CAC for voluntary compliance by obtaining data from the latter.

He stated that both agencies needed to revitalise their current standing technical committee to interact more frequently to cement their long-standing partnership and foster capacity growth.

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