In a bid to enhance revenue generation and improve compliance, the Imo State Internal Revenue Service (IIRS), in collaboration with the Ministry of Trade, Commerce, and Investment, convened a crucial meeting with the leadership of the Timber and Allied Market, Naze. The engagement aimed to sensitize market executives on their revenue obligations and introduce the newly deployed Revenue Management System (RMS) to streamline collections, enhance transparency, and curb revenue leakages.
Delivering a keynote address, the Executive Chairman of IIRS, Mr. Justice Okoye, provided a comprehensive overview of the modus operandi of the RMS. He emphasized that IIRS is the sole legally mandated body for revenue collection in the state, warning traders against engaging with unauthorized agents. He assured them that the new system would simplify remittance procedures, eliminate bottlenecks, and ensure accountability.
The Honorable Commissioner for Trade, Commerce, and Investment, Chief Barr. Rex C. Anunobi, underscored the market’s underperformance in revenue remittance, stressing the need for full compliance to support the state’s economic growth. He formally announced the stallage fee of ₦2,000 and a daily toll of ₦200, making it clear that non-compliance would attract penalties. To facilitate a smooth transition, he directed market leaders to submit updated records of the six functional sections within the market.
The Chairman of the Timber and Allied Market, Hon. Tony, commended the government’s efforts in improving revenue collection and pledged the market’s cooperation. However, he requested additional time to properly sensitize all traders to ensure seamless implementation.
Concluding the meeting, Mr. Okoye reaffirmed IIRS’s commitment to a fair, transparent, and efficient revenue collection system. He assured stakeholders of some flexibility on stallage fees while reiterating that daily toll collection and other levies would commence on March 11, 2025, under the strict supervision of IIRS officials.
This strategic engagement represents a pivotal step toward optimizing revenue generation, ensuring compliance, and fostering a more accountable and efficient market environment.