New Telegraph

Buhari frets over multiple, overlapping tax regime

…says crude oil revenue volatile, unreliable

…as FIRS warns against politicisation of tax revenue

President Muhammadu Buhari has expressed concern at the current tax system characterized by fragmented administration, multiple and sometimes, overlapping taxes in the country. Buhari made his feelings publicyesterdaywhiledeclar-ingopenthesecondNational TaxDialogueWeekinAbuja. According to a release by his spokesman, Femi Adesina, the President, who noted that in most tax-efficient nations, tax administrative processes and practices were harmonised within a single system, stressed the need for the country to promote synergy in tax administration among the different tiers of government.

“Harmonising taxpayer identification across the country is a good start; but we must do more to promote ease of doing business (including ease of tax compliance) in Nigeria. ”On our part, we have started by clarifying in the 2021 Finance Act that FIRS is the sole authority to administer tax for the Federal Government. ”Thisclarificationbecame necessary in order to avoid taxpayers being burdened with multiple tax compliance obligations towards different agencies of the same government.

”Multiplicity of tax administration is as undesirable as multiplicity of taxes; it creates uncertainty and instability; and above all, it is inefficient,” the President said at the Dialogue themed: ‘Tax Harmonisation for Enhanced Revenue Generation’. The President told the participants of an urgent need to maximize domestic revenue within the tax policy and laws at the face of dwindling revenues from commodities. On Nigeria’s Tax-to-GDP ratio, the President declared that the country also needed to do more in securing a buoyant domestic revenue base of the country that bequeaths an enduring economic foundation, political stability and social harmony to the next generation.

Read Previous

Reps threaten17 NNPC subsidiaries’ CEOs with arrest warrant

Read Next

Access Bank guns for top 5 spot in Africa by 2027

Leave a Reply

Your email address will not be published. Required fields are marked *