On Friday, 10th March, 2017, the Kwara State Internal Revenue Service (KW-IRS) headed by the Executive Chairman, Dr Muritala Awodun hosted the executives of all the commercial banks in the State. The event witnessed not less than 18 banks in attendance. The purpose of the meeting was to resolve issues on Withholding Tax on bank interest.
In his opening address, Dr Muritala Awodun appreciated the bank executives for attending the event, and appealed to them for more cooperation and understanding with the Revenue House by providing necessary data and information allowed by law to move the State forward. He noted that the achievement of the Service would not have been possible without their cooperation.
Dr Awodun emphasized that the activities of KW-IRS is guided by the law and none of its activities are outside the law. He noted that the law allows the Service to seek information and records adding that despite the economic recession in the country, there are still hidden potentials in the State. Thus, resources can be tapped through peaceful and mutual cooperation of all concerned. He said that working relationship with the banks in Kwara can best be described as “Partners in Progress”.
Consultant to KW-IRS, Mr Afolabi Oseni, Managing Director, SMD Consults said the State Government and the Revenue Service need to be appreciated for their understanding and leniency as other states in the country do apply stiff penalties when there is breach of law. He apprised that the Service needs information to carry out its function and as such needs maximum support from the banks.
Mr Oseni said more than 50% of banks in the State are yet to comply but however expressed hope that this meeting will improve the working relationship and yield good results for 2017.
The Director, High Net-worth Individuals & Corporate Organisations (HNI), Mr Nuhu Olaide Muhammed in his comment noted that the cooperation of the banks is crucial in the bid to achieve an upward improvement in revenue generation in 2017. He pleaded with the banks to make available all information the Service needs to carry out its lawful function.
It was an interactive session where banks asked questions and answers were provided by the KW-IRS team and the representative of SMD Consults. After a lot of clarity and understanding was shared, all eighteen (18) banks who were present at the gathering unanimously promised to improve on their efficiency and partnership with the Service. They also assured the KW-IRS team that they would approach the Service whenever they were in doubt.
Director, Informal Sector, Mr Olusegun Olaniyi in his remark appreciated the banks for their support in 2016 and said the Service and the banks need to be in good terms so as to achieve a better 2017 for all.
Director, Tax Assessment and Audit (TAA), Mr ’Lekan Rotimi in his closing remarks thanked the bank executives for attending the meeting and hoped the Service will begin to see changes that will improve revenue generation of the State. He noted that the success of KW-IRS is a success for all banks as all revenue generated is derived through the banks.