The Imo State Internal Revenue Service (IIRS) has taken a significant step towards making tax compliance easy for petroleum marketers in the state by harmonizing all taxes and levies. This announcement was made during a meeting held between IIRS representatives and the executive members of the Petroleum Marketers Association, Imo State Chapter, on Wednesday 18th September 2024.
The purpose of this initiative is to simplify the payment process, alleviate challenges faced by marketers in meeting their tax obligations, and ensure that all taxes and levies are streamlined into a more manageable structure.
The executive members of the Petroleum Marketers Association expressed their appreciation to the IIRS Chairman for this thoughtful move, which is expected to significantly reduce the burden of multiple payments and improve overall compliance within the industry.
In response to their request, the IIRS has pledged to formally notify the association with detailed information on the new harmonized tax structure. Additionally, the IIRS has requested a comprehensive list of all registered members of the association to ensure proper monitoring and compliance.
It was further clarified that any member found to be in default of the new structure will be re-assessed to pay higher than the harmonized rates offered under the new structure. Defaulters will be required to settle all outstanding taxes and levies promptly.
This collaboration goes to foster a more business-friendly environment while ensuring full compliance with tax laws.