Federal Inland Revenue Service (FIRS) has explained why it developed the Deposit Money Banks (DMBs) portal.
FIRS Executive Chairman, Mr Muhammed Nami said the DMBS portal initiative was embarked upon as part of the agency’s seamless efforts to provide information of corporate customers’ transactions above ₦10million and individuals above ₦5million.
The initiative was awarded the International Standard Organization (ISO) 27001:2013 on October 6, 2021.
Nami assured users of the security of the DMBS, its data processes as well as the taxpayers’ information it holds and receives within Nigeria and across the world.
According to the FIRS boss, “Deposit Money Banks (DMBs) portal is sacrosanct as the conduct of field tax audit and physical reconciliation of tax audit cases posed a serious challenge due to Covid-19.
“The security challenges experienced in some parts of the country has slowed business activities, thereby impacting negatively revenue collection. We also have inadequate data from third parties on non-compliant or unregistered taxpayers, Tax evasion and tax avoidance, among other constraints.”