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Non- adherence to tax legislation leads to financial loss – Efe

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CHIEF Executive Officer, Edo State Internal Revenue Service (EIRS),  Efe Iserhienrhien has asserted that the failure to comply with the norms of tax legislation, leads to financial losses.

He made this known  in his presentation on , “Managing tax risk in today’s business environment,” at the  Chartered Institute of Taxation of Nigeria(CITN), mandatory professional training programme  held  recently,  at the Bishop Kelly Pastoral Centre, Benin  City.

The tax expert observed that there was  an erroneous belief by tax payers/institutions that subjecting selves to tax evaluation was a tax risk which leads to additional liabilities.

He urged business owners to make themselves available for tax evaluation as EIRS had the history of auditing and even giving tax credit to organizations instead of the present attitude of hiding and cutting corners.

Making a broad overview of tax risk,  he said that ,” The concept of risk suggests uncertainty or probability of adverse events. Risks generally bring about an unfavorable outcome, a danger, a loss. The risk that transactions or business relationship may have unforeseen adverse tax consequence that might give rise to additional costs.”

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