JTB CALLS FOR TOUGH TAX REFORMS IN NIGERIA TO IMPROVE REVENUE GENERATION

The 153rd meeting of the Joint Tax Board (JTB) held in Abuja on Monday, 7th August, 2023 with the theme: “Harmonization and Codification of Taxes at the National and Sub-National Levels: Key to Achieving a Tax-Friendly Environment in Nigeria” had advocated required tax harmonization to ease tax collection and generation in the country.

Addressing the Board, the JTB Chairman, who doubles as the Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami stated the need to harmonize Nigeria’s tax system to attain optimum revenue generation across all levels of government; adding that tax authorities must continue to explore and adopt innovative initiatives for the advancement of the nation’s IGR.

Speaking further, Nami explained that it is time for drivers of tax administration in Nigeria to take some hard, but necessary decisions which will ensure the economic prosperity of the nation and yield enormous long-term benefits. He also assured all Executive Chairmen of States’ Internal Revenue Services present at the meeting that considering the drive of the current administration towards tax policy reforms, multiplicity of taxes will be eradicated and the country’s economy will experience a boost.

The session also featured a paper presentation by the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, which called for harmonization of the existing taxes, constitutional amendment, and the use of technology for enhanced revenue collection.

Oyedele added that challenges plaguing the tax system include, too many tax collection agencies, unprofessional means of tax administration as well as manual tax processing, all calling for a deliberate review by concerned stakeholders.

The JTB meeting had in attendance the Executive Chairman of KW-IRS, Shade Omoniyi, and other representatives of Internal Revenue Services of all States of the federation and the Federal Capital Territory.

Signed
Corporate Affairs, KW-IRS
08/08/2023