- Says FG Committed To Increasing Collection Efficiency
Vice President Kashim Shettima has disclosed that the Administration of President Bola Tinubu is targeting to increase the efficiency of tax collection in the country.
He, however reassures Nigerians that there is no plan to impose more taxes on the citizens.
He spoke on Thursday when he received a delegation from the Chartered Institute of Taxation of Nigeria at the Presidential Villa during which he solicited the Institute’s insights on attracting foreign direct investment through competitive company tax rates.
The Vice President also met with the Chartered Institute of Stockbrokers at the Villa where he called for the complete overhaul of the system to attract more youths to leverage opportunities in the sector.
He said the restructuring should include the strengthening of internal mechanisms to checkmate unwholesome practices by unscrupulous persons in the market.
According to him, the fundamental motive of the administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection.
Shettima noted that no Nigerian is pleased with the illegal tax collection happening across the entire country by non-state actors.
Soliciting CITN’s insights on attracting foreign direct investment through competitive company tax rates, Senator Shettima said: “The focus of the President Bola Ahmed Tinubu administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. That is our fundamental motive.
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“As you go across every state, you get to at least five or six places where you have to pay all sorts of fictitious taxes that do not get to the pockets of the government.”
The Vice President stressed the importance of collaborating with the CITN to adopt global best practices in tax administration, pointing out that knowledge is not something to be bought but earned.
In his remarks, CITN President Samuel Agbeluyi commended the Federal Government’s efforts to address the needs of Nigerians, citing the recent suspension of the Cyber Security Levy as a prime example.
He applauded the administration’s initiatives, including unifying exchange rates, attracting foreign investment, establishing the Presidential Committee on Fiscal Policy and Tax Reforms, as well as deploying monetary policy measures to stabilise the naira, combat inflation, and recapitalise banks.
Agbeluyi outlined the CITN’s multi-pronged goals, chief among which is forging a strategic partnership with the government to ensure the smooth implementation of the fiscal policy committee’s recommendations.
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He advocated the professionalisation of tax functions within government agencies, recognising exemplary tax professionals and taxpayers through national honours, and fostering a robust working relationship between the CITN and the Vice President’s office on fiscal matters.
