FG set to adopt new models for optimisation of tax revenue
By Felicia Nwosu
The federal government has expressed its readiness to adopt a new model for optimisation of tax revenue through the harmonisation and codification of taxes at both the national and sub-national levels, to serve as lucrative incentives to investors.
The 153rd board meeting held in Abuja, revolved on the theme: “Harmonisation and Codification of Taxes at the National and Sub-national levels: Key to Achieving a Tax Friendly Environment in Nigeria”.
Muhammad Nami, chairman, Federal Inland Revenue Service and Joint Tax Board (JTB), revealed that the board is committed to ensuring the full implementation of the drive aimed at eradicating multiplicity of taxes and also to ensure that services and goods which are exempted from taxation in the informal sector are not taxed.
He commended the newly elected government for initiating such a strategic move to fast-track the push for a more responsible and accountable taxation processes that will yield positive results for critical infrastructure.
While also acknowledging that it is geared at blocking leakages in the tax system, Nami mentioned that, for the county to attain optimum tax revenue collection capacity across the federal, states and local government tax authorities, there must be an existence of stringent reforms that will yield long-term benefits.
Nami urged them not to let off guard in the exploration and adoption of measures and innovative initiatives that will lead to the optimisation of tax revenue for all levels of government.
“As the new administration attempts to address the many socioeconomic challenges facing the nation on many fronts, it becomes imperative for all the levers of state to shake-off any lethargic antecedents and focus on the goal of a national resurgence. The unique and privileged offices we occupy as drivers of the nation’s tax administration processes present us with a rare opportunity to take hard, but necessary decisions that are expected to yield long-term benefits and add immense value to our collective prosperity as a nation.”
RECOMMENDED ARTICLES
Comment
No comments found.