FIRS Urges Global Reforms to Combat SMEs Tax Evasion and Financial Crimes

The Federal Inland Revenue Service (FIRS) is advocating for global reforms to combat tax evasion by Small and Medium Enterprises (SMEs). FIRS Chairman, Zacch Bolaji, highlighted the dangers of tax evasion, abusive transfer pricing, and illicit financial flows, emphasizing the need for compliance to ensure fair competition and revenue mobilization.

The FIRS is aligning Nigeria's tax framework with global standards through new tax bills and compliance tools to address fiscal challenges and enhance transparency. The focus is on supporting SMEs' growth and financing while curbing illicit financial practices that hinder economic development.