{"id":16210,"date":"2022-03-29T21:22:28","date_gmt":"2022-03-29T21:22:28","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=16210"},"modified":"2022-03-29T21:22:28","modified_gmt":"2022-03-29T21:22:28","slug":"buhari-calls-for-efficient-tax-administration-to-boost-revenue","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/03\/29\/buhari-calls-for-efficient-tax-administration-to-boost-revenue\/","title":{"rendered":"Buhari calls for efficient tax administration to boost revenue"},"content":{"rendered":"<p>President Muhammadu Buhari on Tuesday in Abuja expressed his administration\u2019s commitment to ensuring an efficient tax administration to improve tax revenue in the country.<\/p>\n<p>The president said this when he declared open the second National Tax Dialogue Week, with the theme,<em>\u201d Tax Harmonisation for Enhanced Revenue Generation.\u201d<\/em><\/p>\n<p><em>He\u00a0<\/em>expressed concern about the current tax system in the country, which was characterised by fragmented administration, multiple and sometimes overlapping taxes.<\/p>\n<p>He said: \u201din most tax-efficient nations, tax administrative processes and practices are harmonised within a single system.<\/p>\n<p>\u201dOne key deliverable of this year\u2019s tax dialogue is to promote synergy in tax administration among the different tiers of government.<\/p>\n<p>\u201dHarmonising <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/03\/18\/pay-tax-for-developmental-needs-institution-tasks-nigerians\/\">taxpayer<\/a> 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.<\/p>\n<p>\u201dOn 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.<\/p>\n<p>\u201dThis clarification became necessary in order to avoid taxpayers being burdened with multiple tax compliance obligations toward different agencies of the same government.<\/p>\n<p>\u201dMultiplicity of tax administration is as undesirable as the multiplicity of taxes, it creates uncertainty and instability, and above all, it is inefficient,\u201d the president said.<\/p>\n<p>Buhari also stressed the need to maximise domestic revenue within the extant tax policy and laws in dwindling revenues from commodities.<\/p>\n<p>He, therefore, proposed improved tax revenue for the country, which would not necessarily impose new tax rates on Nigerians.<\/p>\n<p>\u201dWe all know that good intentions are not enough as they simply cannot pay for infrastructure, security or social amenities. We must, therefore, improve tax revenue without necessarily raising new taxes.<\/p>\n<p>\u201dRevenue from commodities, including crude oil, are too volatile and unreliable.\u00a0 Therefore, I pledge government\u2019s support for any viable initiative for improving tax revenue that should emanate from this dialogue,\u2019\u2019 he said.<\/p>\n<p>On Nigeria\u2019s Tax-to-GDP ratio, the president declared that the country also needs to do more in securing a buoyant domestic revenue base of the country.<\/p>\n<p>This according to him, will bequeath an enduring economic foundation, political stability and social harmony to the next generation.<\/p>\n<p>\u201dAccording to the Organisation of Economic Cooperation and Development (OECD) in its Revenue Statistics in Africa 2021, the average ratio of Tax-to-GDP of 30 selected African countries in 2019 was 16.6% while Nigeria recorded a mere 6.0%.<\/p>\n<p>\u201dIt is obvious that much needs to be done in the area of tax revenue mobilisation.<\/p>\n<p>\u201dIt is my expectation that the discussions at this 2022 National Tax Dialogue will be focused on what we must do to maximise legitimate revenue collection and massively improve the Tax-to-GDP ratio,\u201d he said.<\/p>\n<p>On the importance of the Tax Dialogue, Buhari said that the first edition in 2021 was very productive and integral in influencing tax policy, as well as legislative and administrative changes that were introduced in 2021.<\/p>\n<p>The Tax Dialogue was instituted by the Ministry of Finance, Budget and National Planning, and the Federal Inland Revenue Service (FIRS).<\/p>\n<p>According to the president, the most significant testament to the success of the first edition is the fact that the FIRS achieved 100% of its collection target in 2021 and surpassed the N6 trillion revenue threshold for the very first time.<\/p>\n<p>While congratulating FIRS on the achievement, the president assured Nigerians that the present administration would continue \u201dto maintain prudent management of our collective resources.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari on Tuesday in Abuja expressed his administration\u2019s commitment to ensuring an efficient tax administration to improve tax revenue in the country. The president said this when he declared open the second National Tax Dialogue Week, with the theme,\u201d Tax Harmonisation for Enhanced Revenue Generation.\u201d He\u00a0expressed concern about the current tax system in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":8643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[20],"tags":[2926,2929,306],"class_list":["post-16210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-firs","tag-muhammadu-buhari","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buhari calls for efficient tax administration to boost revenue &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/03\/29\/buhari-calls-for-efficient-tax-administration-to-boost-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buhari calls for efficient tax administration to boost revenue\" \/>\n<meta property=\"og:description\" content=\"President Muhammadu Buhari on Tuesday in Abuja expressed his administration\u2019s commitment to ensuring an efficient tax administration to improve tax revenue in the country. 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