Risk management critical to effective tax collection — CRMI

The President of the Chartered Risk Management Institute of Nigeria (CRIM), Dr. Ezekiel Oseni has advised revenue collection agencies to take cognizance of risk management as it plays a critical role in effective tax collection.

He made the disclosure yesterday in Abuja when he led a delegation of the Institute on a courtesy visit to the Federal Inland Revenue Service (FIRS).

According to him, “Risk management has a lot to do with compliance and government revenue collection agencies have to pay attention. This is because there are loopholes in the relevant tax laws which opens the way for tax evasion.

“Therefore assessing the risk involved in harnessing tax collection has to be considered and that is the Service which the Institute has been providing in the past 20 years of its existence,”

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The President said, “The Institute is currently drafting a Bill which will be sent to the National Assembly in the coming days targeted at domesticating risk management in all government ministries departments and agencies.”

Executive Chairman of the FIRS, Zacch Adedeji who was represented by his chief of staff, Mr. Tayo Koleosho said the Service takes cognizance of relevance of risk management in achieving its mandate.”