Federal Inland Revenue Service (FIRS) will resume field audit, investigation, and monitoring exercises. The Federal tax authority suspended field reviews in April 2020 due to low business activities during the COVID-19 pandemic. As the Federal Government has given businesses the go-ahead to resume full operations, FIRS will be able to generate more fiscal revenue for capital expenditure.
The tax reviews will be in two phases. Phase one is an immediate reconciliation of outstanding issues on desk reviews, monitoring visits, tax audit, and investigation. Phase two covers field visits on new tax monitoring, audit, and investigation tasks that will resume on 30th June 2020.
Taxpayers should arrange their tax records before the exercise begins.
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