Posted in Finance, Accounting and Economics Terms, Total Reads: 340
Definition: Revenue Officer
Revenue officer is generally a highly regarded position in the government services. The basic and foremost function of the revenue officer is to oversee the revenue collection on behalf of the government in the form of taxes, duties and other sources from citizens and corporations. They may also play a crucial role in formulating and implementing strategy for revenue collections and policies so that the fiscal position of the body government (city/municipality etc.) remains intact. There are various government agencies such as IRS (Internal Revenue Services) in the USA, Canada Revenue Agency in Canada, Indian Revenue Services (IRS) that employ the Revenue Officers.
Depending on where he/she works, the duties of a Revenue officer may vary widely. In the IRS (US) for instance their main job is to collect taxes from accounts that are delinquent and taxes that are overdue. They look for accounts that have problems such as non-compliance. Their aim will be to reduce delinquency rate as much as possible by early detection of such accounts. They may involve in a face to face interaction with the tax payers to ascertain their ability to pay taxes and recommend a payment plan that suits the tax payer conditions without overshooting the tax regulations.
They also have the power to seize assets to satisfy the payment obligations and place liens on assets to secure the payables so that the asset owners cannot sell off their assets without the government agency being informed and in such a case, it ensures that the government gets its share of the asset value. On the other hand, if we take the case of Canada, the powers that can be exercised by a revenue officer is very restricted and their primary duties is more of an advisory, legal and audit kind of a role.