Rich Nigerians to pay more tax

Posted by BY ABDULWAHAB ISA, Abuja | 11 February 2020 | 630 times

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•FIRS Executive Chairman Nami

There are indications that prosperous Nigerian elites will pay more tax in line with the tax regime espoused in recently signed Finance Act, as the Federal Inland Revenue Service (FIRS) begins the work out of modalities for a new tariff regime.

FIRS’ senior management team led by Executive Chairman, Muhammad Nami, at an enlarged retreat over the weekend, devoted a session to examining the new Finance Act, which has 7.5 per cent upward review in Value Added Tax (VAT) as a component.

Officials of the revenue agency painstakingly drew a roadmap to achieving the task.

A statement issued over the weekend by Director of Communications, FIRS, Abdullahi Ismaila, highlighting activities at day two of the retreat attested to this.

Ismaila added that on the final day of the retreat, paper presenters, discussants and the audience rubbed minds over the 2019 Finance Act in a deeply stimulating debate.

“Nigeria stands at the threshold of a new, transparent, accountable and fair tax regime in which those who make more from the system pay a more equitable share of their income as tax towards the public good, especially in lifting 100 million Nigerians out of poverty in the next 10 years as envisioned by President Muhammadu Buhari.

“A clear roadmap to achieving this national imperative was outlined at the weekend in Abuja on the final day of the FIRS Management Retreat by paper presenters, discussants and the audience who rubbed minds over the 2019 Finance Act in a deeply stimulating debate,” the statement noted.

The lead paper, delivered by a renowned tax expert, Mr. Taiwo Oyedele, titled “Strategies for implementing the new VAT regime,” and the panel discussion dismissed the erroneous public apprehension that the new 7.5 per cent VAT would impact negatively on poor Nigerians as it made clear that the well-to-do would now pay their fair share of taxes in the country unlike before.

Oyedele foregrounded the key to building this fair, equitable tax system in transparency, accountability, integrity, work and objectivity to build confidence in taxpayers and stakeholders in the tax sector.

To prepare ground for realising the task, FIRS has unveiled its 2020 Corporate Plan, and was said to have been subjected to a robust, on-the-spot debate.

Capping the day was the official presentation of the new FIRS Organisational Structure as approved by the service’s board.

Presenting the new organisational structure, the tax agency boss disclosed that many posts in the organogram were vacant and open to the FIRS officials. (New Telegraph)


Source: News Express

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