CAC, FIRS col­lab­o­rate to make reg­is­tra­tion ser­vices cheaper, faster

Daily Trust - - BUSINESS - By Fran­cis Arinze Iloani

The Cor­po­rate Af­fairs Com­mis­sion (CAC) and the Fed­eral In­land Rev­enue Ser­vices (FIRS) have ini­ti­ated steps to­wards mak­ing busi­ness reg­is­tra­tion ser­vices more ef­fi­cient, faster and cheaper.

This came to the fore when the Reg­is­trar-Gen­eral of the CAC, Mah­mud Bello, paid a cour­tesy visit on the Act­ing Ex­ec­u­tive Chair­man of the FIRS, Ba­batunde Fowler, in his of­fice re­cently.

CAC boss stressed the need for closer co­op­er­a­tion be­tween the Com­mis­sion and the FIRS, adding that there is the need for con­tin­u­ous im­prove­ment of the in­vest­ment cli­mate in the coun­try.

Bello, who was ac­com­pa­nied on the visit by his Spe­cial Ad­viser, A. G. Abubakar, made a case for speed­ing up the elec­tronic stamp­ing in­ter­face for cus­tomers wish­ing to reg­is­ter their com­pa­nies on the Com­pany Reg­is­tra­tion Por­tal (CRP) of the Com­mis­sion which should be ac­com­plished by the end of this year.

He dis­closed that the in­ter­face will en­able cus­tomers to pay for stamp du­ties through the CRP and get the doc­u­ments stamped, in­stead of tak­ing the doc­u­ment to the FIRS of­fice for stamp­ing.

The ef­fect of the col­lab­o­ra­tion be­tween the two agen­cies will be the re­duc­tion in the pe­riod for in­cor­po­ra­tion of com­pa­nies to one hour from the present 24 hours.

Th­ese mea­sures he added will in­crease the level of com­pet­i­tive­ness of the coun­try and im­prove its rat­ing in the World Bank Do­ing Busi­ness Re­port.

Re­spond­ing, the act­ing FIRS boss ex­pressed his con­vic­tion that with the col­lab­o­ra­tion, more di­rect in­vest­ment will flow into the coun­try, thereby con­tribut­ing to the eco­nomic growth of the na­tion.

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