The FIRS released Guidance Notes on 28 October 2022 which set out general expectations of stakeholders regarding tax audits and investigations including timelines. These Guidelines provide a framework aimed at facilitating seamless tax audits and investigations exercises to increase trust, and reduce compliance costs.
Tax audits and investigations can be quite time, cost and resource demanding if not properly managed. It is therefore commendable that the FIRS has engaged with key stakeholders to seek input in putting together the Guidance Notes. The engagement and feedback process with relevant stakeholders should be sustained to ensure regular review of the Guidance Notes and further improvement of the audit and investigation process.
Please see our Tax Alert on this below:
Download PwC Tax Alert - FIRS issues Guidance Notes on Tax Audits and Investigations