The Chairman of the Ondo State Internal Revenue Service (ODIRS), Mr Bayo Rojugbokan, reaffirmed the state’s commitment to Nigeria’s new tax reforms during the 2025 Akure Bankers’ Committee Annual Dinner at Delola Event Place, Alagbaka, Akure.
He described the reforms as a “transformative step” that will increase revenue efficiency, strengthen compliance and reduce leakages across the tax system.
Speaking under the theme “Taxation, Innovation, and Inclusion: Redefining Nigeria’s Financial Ecosystem,” Rojugbokan said the reforms are built on harmonisation, technology and closer collaboration with financial institutions.
He added that the shift from traditional, reactive tax processes to a modern, data‑driven approach could raise collections by as much as 30 %.
He explained that the reforms aim to simplify Nigeria’s tax structure, reducing the number of taxes from many to nine and consolidating all tax laws into the Nigerian Tax Authority Act.
“Taxation is a contribution by individuals to the development of the state and the nation,” he said. “We are not introducing anything new; we are simply modernising the system and making it transparent and accountable.”
Under the New Tax Administration Act (NTAA), banks will act as key gatekeepers, identifying taxable persons, monitoring high‑value transactions and sharing verified data with tax authorities.
A mandatory Tax Identification Number (TIN) verification policy will take effect on 1 January 2026; from that date, no individual or business in the taxable category will be able to open or operate a bank account without a valid TIN.
Rojugbokan also highlighted the requirement for banks to submit monthly reports on transactions above N 5 million, a measure intended to curb revenue leakages and detect unreported income.
He noted that the 2025 Tax Reform Acts clarify the division of tax powers among federal, state and local governments, eliminating overlapping levies that have raised the cost of doing business.
The ODIRS chairman said the reforms are expected to cut compliance costs for businesses by up to 40 % through digital payments, the elimination of cash transactions and full integration of tax systems such as the State NRS hubs.
He urged banks to embed TIN verification in their core operations and encouraged businesses to use online remittance platforms for PAYE, stamp duties, withholding tax and other statutory payments.
In his welcome address, Mr Aina Olumide, Chairman of the Committee and CBN Branch Controller, thanked Governor Dr Lucky Orimisan Aiyedatiwa for providing an enabling environment for banking operations and praised security agencies for safeguarding financial institutions.
He also commended member‑banks for their corporate‑social‑responsibility projects benefiting police, correctional services, schools, leprosarium facilities and children’s homes across the state.
Hon Gbenga Fasua, Chairman of Akure South Local Government, lauded the Akure Bankers’ team for improving tax and financial systems in the state and stressed that taxation is vital for infrastructural development.
He announced that Akure South will adopt an electronic tax‑collection system in 2026 to boost revenue, warning that strict penalties await those who continue to evade taxes.
The event also featured the presentation of an Award of Quality Service Delivery to ODIRS Chairman Bayo Rojugbokan by the Akure Bankers’ Committee.
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