The Imo State Internal Revenue Service (IIRS) recently held a strategic meeting with Chairmen of the various Local Government Areas (LGAs) to brief them on the introduction of a presumptive tax regime for traders operating in markets across the state.
During the meeting, the Executive Chairman of the Service, Mr. Justice R. Okoye (FCA), explained that the initiative will be implemented through a collaborative effort between the IIRS, the Local Governments, and the Eastern Waste Management Commission (EWAMAC). He noted that EWAMAC had formally requested the Service to collect waste management levies on its behalf to enhance efficiency, transparency, and accountability in the revenue collection process.
According to the Chairman, the new presumptive tax regime is designed to simplify the existing tax structure by harmonizing various taxes and levies collectible by the State Government, Local Governments, and EWAMAC, thereby reducing the burden on traders while ensuring a more organized system.
The IIRS also disclosed that market tax agents will be properly organized and trained ahead of the implementation of the new regime. The training will equip the agents with the necessary knowledge, guidelines, and procedures required to ensure effective and professional tax collection across markets in the state.