General

EIRS Secretary Updates CITN On Tax Issues

BENIN CITY- Secretary, Edo State Internal Revenue Service (EIRS) Mr. Efe Iserhienrhien yesterday asserted that the failure to comply with the norms of tax legislation, leads to financial losses.

He took this position in his presentation, Managing tax risk in today business environment, at the ongoing Chartered Institute of Taxation of Nigeria(CITN), mandatory professional training programme which kicked off at the Bishop Kelly Pastoral Centre.

The tax expert observed that there was the myth by tax payers/institutions that subjecting selves to tax evaluation was a tax risk which leads to additional liabilities.

He urged business owners to make themselves available for tax evaluation as EIRS had the history of auditing and even giving tax credit to organizations instead of the present attitude of hiding and cutting corners.

Making a broad overview of tax risk, while touching on he stated, The concept of risk suggests uncertainty or probability of adverse events. Risks generally brings about an unfavorable outcome, a danger, a loss. The risk that transactions or business relationship may have unforeseen adverse tax consequence that might give rise to additional costs.

Source: The Nigerian Observer