Reps to Reduce Revenue Collection Agencies – Deputy Speaker
REVENUE AGENCIES: The Deputy Speaker of the House of Representatives, Rep Benjamin Kalu, said the parliament would enact laws to streamline multitude of revenue collecting agencies.
He further said that a law would be enacted to effectively eliminate multiple taxation in Nigeria. Kalu said this at the World Bank Fiscal Governance and Institutions Project (FGIP) Focus Group Discussion at the Federal Ministry of Finance, Abuja on Wednesday.
According to him, the House is in the process of streamlining the multitude of revenue-collecting agencies as a government.
He said the streamlining initiative was aimed at improving coordination and crucially reducing duplicity in tax administration, ultimately making the system more efficient, transparent and accountable.
He said President Bola Tinubu had embarked on a path of fiscal reform that directly addressed some of the most pressing issues in the tax system and overall fiscal policy.
He said the commitment to reform was a testament to the dedication of the Federal Government towards achieving a more robust and equitable economic landscape.
“One of the paramount challenges we are currently addressing as a government, is the issue of tax multiplicity, a labyrinthine web of taxes that has placed undue burdens on both individuals and businesses.
“Simplifying and rationalising this system is imperative to alleviate the compliance burden and to foster an environment conducive to economic growth.
“In parallel, we have recognised the necessity of modernising revenue collection through automation.”
He said this strategic move would enhance efficiency and reduce opportunities for corruption and revenue leakage. He said there were promising opportunities to introduce comprehensive reform bills that would encompass a wide spectrum of objectives.
This he said, includes simplification, modernisation, and consolidation of tax laws, adding that the reforms hold the potential to bring about increased clarity and efficiency. He added that it would benefit both taxpayers and tax administrators Ooni Supports MSMEs With Over N250m