FG To Strengthen Nigeria’s Tax System

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President Goodluck Jonathan has pledged the Federal Government’s determination to diversify the country’s sources of revenue by strengthening the tax system.

He gave the assurance in a message sent to the opening of the 14TH Annual Tax Conference (ATC) in Abuja, organised by the Chartered Institute of Taxation of Nigeria (CITN).

The President’s message was delivered by Mrs Chidi Ikpechukwu, the Director of Economic Research and Policy Management in the Federal Ministry of Finance.

Jonathan said that the usefulness of taxation as a tool for economic transformation could not be over emphasised, particularly when the resources needed for development projects were inadequate.

“It is necessary to reduce, if not eradicate, our over-dependence on oil revenue, as the country’s dependence on oil revenue has worsened the situation,” he said.

Jonathan stressed that the government would strive to change the situation by encouraging productive activities in other sectors.

He said that most economies of the world were currently directing their policy thrust towards economic recovery via sound fiscal and monetary policies, saying that Nigeria should take a cue from such efforts so as to secure her future.

The President commended the CITN for playing an active role in the study group that drafted the National Tax Policy (NTP) and tax bills.

The government’s objective of widening the tax base for improved revenue collection through voluntary compliance, in line with international best practices, will be enhanced through the cooperation and support of the CITN.

“The government will continue to support the institute and explore other areas of collaboration with it,” Jonathan said.

 

In : Finance

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