Commission sets digital management plan

THE Internal Revenue Commission (IRC) has set in motion its digital data management (2023-2025) strategy plan in order to have a more advanced and efficient tax administration system.
IRC commissioner-general Sam Koim said it was important to understand the data it had.
“When I took office four years ago, it became apparent that IRC had not comprehended the full importance of the data at its disposal,” he said.
“This information was derived from tax declarations and third-party sources, which IRC had the authority to acquire.
“The majority of this information was stored in records, leading to significant time consumption for analysis or for conducting audits.
“This time-intensive process created a void in information, which unfortunately contributed to a thriving environment for tax evasion.
“Recognising data as a strategic asset, we have undertaken this journey to monetise the data.”
Koim said in this age of rapid technological advancement and digital transformation, data had become the “lifeblood of progress and innovation, and holds the key to unlocking insights, driving decision-making, and fuelling economic growth”. He said because of the importance of that data, IRC embarked on reforming its tax administration system.