The Executive Chairman of the Edo State Internal Revenue Service (EIRS), Mr. John Osirenimhe Odior FCA, FCTI, has charged IGR-collecting banks in Edo State to ensure full compliance with the state’s revenue administration processes.
This directive was issued during a series of familiarization and stakeholder engagement meetings held with Branch and Zonal Managers of various banking institutions.
Addressing the representatives, Mr. Odior mandated that all banks provide the EIRS with a real-time view of IGR collections. He emphasized that such transparency is vital for strategic planning, decision-making, and organizational appraisal within the IGR ecosystem on daily, weekly, monthly, and annual bases.
He further urged financial institutions to stay abreast of the New Tax Laws, which mandate specific deductions under the PAYE tax scheme.
Specifically, Mr. Odior noted that banks have an obligatory role under the Withholding Tax Regulations of 2024 to deduct and remit taxes from interest on deposits, as well as from goods and services provided by individuals and enterprises.
He strongly advised bank representatives to support data-collecting agents fully and ensure operational integrity to prevent future tax audit complications.
The Executive Chairman also highlighted that, in accordance with the Nigeria Tax Administration Act (NTAA), collecting banks must submit returns for individuals and enterprises with transactions exceeding 25 million Naira (N25m) within seven days of the end of each quarter.
In a separate engagement with Data Collecting Agents (DCAs), Mr. Odior called for strict adherence to professional ethics and compliance with new tax legislations. While expressing appreciation for their contributions to scaling the state’s IGR, he reminded them that the new laws now provide for the collection of stamp duties on rental and lease agreements, as well as benefits in kind all of which must be reflected in their reporting.
Mr. Odior concluded by assuring the agents of the Revenue Service’s full support, particularly in addressing challenges related to non-compliance. The meetings were attended by the Executive Director of MDA Services, Hon. (Engr.) Jackson Eribo (ACTI); the Executive Director of Income Taxes, Mr. Victor Enemare; the Secretary to the Revenue Service, Mr. Odia Eghosa; and other top management staff of the EIRS.
