Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has attributed the agency's success in increasing tax revenue to President Bola Ahmed Tinubu's economic decisions. Adedeji explains that Tinubu's removal of fuel subsidy and unification of the exchange rate have created the right economic conditions for FIRS to thrive. Under Adedeji's leadership, FIRS has reported a 58% increase in tax revenue in the first quarter of 2024 compared to the same period in 2023. Adedeji also discusses the reforms implemented at FIRS, including a customer-focused approach to tax administration and the removal of obstacles for businesses. He emphasizes that FIRS's focus is on growing the economy, not just revenue collection. Adedeji highlights the impact of concessions granted to businesses, such as waiving interest and penalties on tax liabilities, which has led to increased voluntary compliance. He also mentions ongoing efforts to harmonize taxes and reduce multiple taxation, aiming for a maximum of nine tax types in the country. Adedeji discusses key priorities at FIRS, including workforce development, process standardization, and technology investment. He emphasizes the importance of data mining and the National Single Window Project in improving revenue collection. Adedeji underscores the role of taxes in funding infrastructure projects and calls on Nigerians to see FIRS as a partner in progress and prosperity, encouraging tax compliance. He concludes by expressing optimism about Nigeria's future under President Tinubu's administration. [dab2c6da]
In a recent article by THISDAY Newspapers, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, suggests that Nigeria can generate more revenue without raising taxes and hurting the economy. Oyedele believes that with the use of data, intelligence, and technology, Nigeria can close the tax gap by ensuring people who have not been paying taxes begin to pay. He proposes tax exemptions for vulnerable people and advocates for fewer taxes that are broad-based and easy to collect. Oyedele also emphasizes the need to stop asking people how much they earn to tax them and instead support them to grow and create wealth. Oyedele's committee has been working on tax reforms and relief for the informal sector, including plans to provide tax relief to businesses earning N25 million or less per year. [91b2e779]
A professor from Obafemi Awolowo University (OAU) has called on banks in Nigeria to contribute to national development through a windfall tax. The professor argues that banks have benefited from government policies and should give back to society. He suggests that a windfall tax on banks' profits would be a fair way to achieve this. The professor also highlights the need for transparency and accountability in the use of tax revenues. [5cb4e034]
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has generated N126.54 billion in revenue in the first six months of the year. The Executive Chairman of FCT-IRS, Mr. Abdullahi Attah, disclosed this during a press conference on Wednesday. This revenue generated is an increase of N6.54 billion compared to the same period last year. The FCT-IRS plans to intensify its revenue generation efforts in the second half of the year, with a focus on sectors such as real estate, transportation, and hotels to boost revenue. The agency is also working on improving its tax administration system to enhance efficiency and effectiveness. [9866d9c0]