Imo State Internal Revenue Service (IIRS), alongside the Ministry of Trade, Commerce, and Investment, held a significant meeting with leaders of the Timber and Allied Market in Naze
Pursuant to boosting internal revenue and ensure compliance, the Imo State Internal Revenue Service (IIRS), alongside the Ministry of Trade, Commerce, and Investment, held a significant meeting with leaders of the Timber and Allied Market in Naze. The gathering focused on educating market executives about their fiscal responsibilities and unveiling the new Revenue Management System (RMS) designed to improve collection efficiency, increase transparency, and prevent revenue losses.
Mr. Justice Okoye, the Executive Chairman of IIRS, delivered the keynote speech detailing how the RMS operates. He clarified that IIRS holds the exclusive legal authority for revenue collection in Imo State and cautioned traders against dealing with unofficial agents. Okoye highlighted that the RMS would streamline payments, remove operational hurdles, and promote accountability for all stakeholders.
Chief Barr. Rex C. Anunobi, the Honourable Commissioner for Trade, Commerce, and Investment, pointed out the market’s lacklustre revenue contributions, urging traders to fully comply to bolster the state’s economic development. He outlined the official fees applicable to the market, warning that failure to adhere would result in penalties. To aid the transition, he instructed market leaders to provide updated records for the six active sections of the market.
Hon. Tony, Chairman of the Timber and Allied Market, praised the government’s initiative to refine revenue processes and assured cooperation from the traders. He appealed for extra time to educate all market members, ensuring a smooth rollout of the new system.
Wrapping up the session, Mr. Okoye reiterated IIRS’s dedication to maintaining an equitable, clear, and effective revenue framework. He announced that daily tolls and levies would begin on March 11, 2025, overseen by IIRS officials to ensure compliance.
This collaborative effort marks a critical advancement in maximizing revenue, enforcing compliance, and creating a more transparent and efficient marketplace in Imo State.
