The Federal Inland Revenue Service (FIRS) has disclosed why it developed a portal called Deposit Money Banks (DMBs).
It said this was done as part of efforts to provide information of corporate customers’ transactions above ₦10 million and individuals above ₦5 million and this initiative was awarded the International Standard Organization (ISO) 27001:2013 on the 6th of October 2021.
ISO Certification, FIRS Chairman Muhammed Nami said, affirms that the DMBS is secure, the data processes and data it possesses are secure as well as the taxpayer information it holds and receives within Nigeria and across the world.
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“Deposit Money Banks (DMBs) is sacrosanct as the conduct of field tax audit and physical reconciliation of tax audit cases posed a serious challenge due to Covid-19.
“There are security challenges experienced in some parts of the country has slowed business activities thereby impacting negatively revenue collection. We also have inadequate data from 3rd parties on non-compliant or unregistered taxpayers, Tax evasion, and tax avoidance, among other constraints,” said Nami.
