IPA, IRC Renew Understanding To Enhance Partnership
The Internal Revenue Commission (IRC) and the Investment Promotion Authority (IPA) have renewed their memorandum of understanding (MoU) which will give them mutual understanding to share information and resources.
The renewed MoU will enable the two organisations to partner and enhance their services and improve collaboration and co-operation between the two organisations going forward.
The MoU will allow both parties to conduct joint programs in line with their respective statutory mandates for compliance and facilitating of business activities in the country.
IPA managing director Clarence Hoot said IPA has been embarking on bringing on board more regulators and key players in the business regulatory space in its efforts to facilitate a one stop shop for business clients.
“We should work on achieving commonalities in system and legislation to provide to our clients an efficient and effective harmonised system of registration and provide an environment that is easier, faster and cheaper to conduct business, “he said.
“We (IPA) are serious about having efficient, streamlined and transparent processes and such a partnership is a demonstration of pursuing that objective and we value the partnership,” said Mr Hoot.
IRC Commissioner General Sam Koim also pointed out that aside from providing business registration and TIN registration in one place, this strategic partnership will enable the commission to have access to IPA database in real time for the purpose of profiling taxpayer companies in order to know their directors, shareholders and related entities.
He said information sharing barriers had undermined IRC’s efforts in administering tax compliance thus; under his leadership they are moving into real data collection and the use of analytical tools to profile taxpayers and understand their transactional behaviour.