ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Monday, January 18, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Vice President, Yemi Osinbajo at the 20th Annual Tax Conference in Abuja

Vice President, Yemi Osinbajo at the 20th Annual Tax Conference in Abuja

Nigeria to propose five tax amendment bills – Osinbajo

byAgency Report
May 9, 2018
3 min read

Five tax amendment bills are coming, Vice President Yemi Osinbajo announced Wednesday in Abuja.

The vice president said the federal government’s committee on the National Tax Policy (NTP) has drafted five amendment bills which will soon be sent to the National Assembly. This is in collaboration with states and other stakeholders to ensure that Nigeria’s tax laws and the NTP are friendly and realistic.

“Our tax system requires review, to among others, ensure removal of obsolete and contradictory clauses. That was why we raised a committee in 2016. The committee’s work has produced five amendment bills that will soon be sent to National Assembly. Our aim is that no one is left at the mercy of bad tax regime.

“I am happy at new levels of cooperation between states and the federal government which we have seen in the implementation of VAIDS. I am pleased to note that the number of registered taxpayers is now in excess of 19 million,” he said.

The vice president said the embrace of technology to collect tax and to block leakages in public expenditure—like the Treasury Single Account (TSA) and accompanying transparency in public expenditure, — are significant game changers. He compared the changes this brought about to the impact which invention of electricity had on people’s lives when it was invented.

Mr Osinbajo who spoke ex-tempore noted that the CITN conference held on the day Obafemi Awolowo died some 30 years ago. He noted that free education, which was funded solely from tax revenue, ensured a spiral in school enrolment in the old Western region-from 355,000 in 1952 when it was introduced to 811,000 in 1959. It was the highest in Africa at the time.

The vice president noted too that key infrastructural provision in Western Nigeria: University of Ife, Airport hotel in Ikeja, 25-storey building Cocoa House building in Ibadan, several industrial estates in many parts of the Western Region, were made possible by tax money from people’s pocket.

Citing further statistics about national tax collection, the vice president observed that Lagos alone generates more Internally Generated Revenue than over 30 states combined. “Of the 70 million taxable individuals, only 14 million pay any form of tax. Of the 943 individuals who pay any form of self-assessment and who pay above N10 million, 941 live in Lagos State. Two live in Ogun State.

The vice president who observed that tax is not a subject that excites most people in the world, said tax is a social-contract question that should bind citizens and trigger robust interest in governance, accountability and democracy. He recalled that it was tax that triggered the slogan “No taxation without representation” that was the rallying cry for the American war of independence. Tax, he said, was also at the root of the riots in Aba and Abeokuta – both led by women.

RelatedNews

VIDEO: How communal crisis set back my farming business – Susan Godwin

NPFL Round-Up: Enyimba subdue Pillars as Plateau United win big

After collecting N200,000 from victim, suspects deny kidnap plan

EPL (LIVE UPDATES): Liverpool, Manchester United battle for top spot

He noted the gains of over N200 billion which the federal government made from the deployment of technology to track ghost workers and the Treasury Single Account (TSA) from whence the federal government has made savings of about N4 billion monthly. This has strengthened its ability to spend more on infrastructure, he said.

He also said the economic prosperity of Nigeria will come from taxation and encouraged taxpayers to always tax right taxes at the right time as that is the fulfilment of their responsibilities as citizens.

At the same event, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, said the service is building a robust that system that is making tax payment convenient to taxpayers both at the federal level and at the states and local government levels.

Dangote adbanner 728x90_2 (1)

“What we are doing is to build a tax system that will not only be effective at the Federal level but also at the states and local government levels. Nobody wants to pay taxes. Not even the tax administrator. So, we have to make tax payment convenient and attractive. Attractive in the sense that people must see what you are doing with the tax money. That is what the FIRS and the Joint Tax Board (JTB) are doing”, he said.

Mr Fowler said it is the culture of the JTB to go to the states to inspect projects that state governments are handling. By doing that, he said, “states which are not doing well get inspired by their counterparts who are using the tax money well to build facilities for their people.

“The only way you can improve the tax system is through technology. FIRS has rolled out six-online solutions through which you can pay your taxes online (e-payment), e-receipt. You can download your receipts and authenticate the receipts using your smart phones. We have e-Stamp duties, e-filing, e-Withholding Tax e-alerts, e-payment, e-Tax Clerance Certificates, (etc).

“Our job is like that of a medical doctor, we ensure that businesses are healthy. It is when businesses are healthy that they can make profits and pay taxes.

We have changed the orientation of our staff to make them see their jobs as stewardship. We let the staff know that they are there to serve the taxpayers.”

The theme for this year’s CITN conference is Institutionalising Taxpaying Culture in Developing Economies.

ADVERTISEMENT

CITN President, Cyril Ikemefuna, said theme for the year was crafted given the need for a change in the taxpaying culture in Nigeria.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Alex Ferguson out of intensive care

Next Post

Mikel, Moses to battle for top prize at Nigeria Pitch Awards

Agency Report

Agency Report

More News

National Bureau of Statistics (NBS)

Price of cooking gas increased in December — NBS

January 16, 2021
Chairman of Heirs Holdings, Tony Elumelu

Heirs Holdings acquires 45% of OML 17 from Shell, Total, ENI

January 15, 2021
Nigeria Stock Exchange (NSE)

NSE: Mid-cap stocks spur N19 billion gain

January 15, 2021
Shell reports falling profit amid oil price slump

UPDATED: Court moves to seize First Bank’s assets over Shell’s multimillion naira debt

January 15, 2021
Zainab Shamsuna Ahmed, Minister of Finance at #NES26 [PHOTO: @officialNESG]

Nigeria confirms plans to sell govt properties to fund 2021 budget

January 15, 2021
Nigeria Stock Exchange (NSE)

NSE: Market sustains momentum, advances by N24 billion

January 13, 2021
Next Post
The organisers of the Nigeria Pitch Awards

Mikel, Moses to battle for top prize at Nigeria Pitch Awards

Tanko Yakassai

2019: Northern political summit coming soon – Group

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.