ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home National

Experts, stakeholders canvass tax automation 

24th January 2021
in National
0
Experts, stakeholders canvass tax automation 
0
SHARES
58
VIEWS
Share on FacebookShare on Twitter

From Uche Usim, Abuja

 

To ease tax collection and ultimately swell government’s revenue, experts have advised  the Federal Government to explore data and intelligence gathering in achieving that.

Tax experts, speakers, panelists and government functionaries gave the advice at the recently held First Annual National Tax Dialogue, in Abuja, organized by the Federal Inland Revenue Service (FIRS), with the theme “Taxation in a Post-Covid Economy”.

In his Keynote Address at the event, President, African Development Bank, Dr. Akinwunmi Adesina, highlighted the pandemic’s impact on Africa’s economy and the various interventions by the bank and national governments. According to him, Nigeria’s economy shrank “by 3% in 2020 on account of falling oil prices and the effects of the lockdowns on economic activities,” adding that “with shrinkage in oil revenues, debt service payments pose the greatest risk to Nigeria.”

He stressed further that for Nigeria to overcome the pandemic, “taxes must form a significant percentage of government revenue. Digitalization of tax collection and tax administration is critical to ensure greater transparency of the tax system, widening of the tax base, while mitigating compliance risks and encouraging voluntary tax compliance.”

Ekiti State Governor, Dr. Kayode Fayemi, who was chairman of the Dialogue, lauded the FIRS “for its performance in the 2020 fiscal year, despite operating in the most challenging period many of us have experienced. The Service not only collected N4.9 trillion in taxes, achieving 98% of its target; only 30.6% of this was attributed to Petroleum Profits Tax, from what used to be over 50%”.

However, Governor Fayemi urged participants at the event to “interrogate how Nigeria can further deepen the use of technology to improve tax compliance nationally and across subnationals.” He stressed that this was important because “a significant proportion of our population will soon come into the workforce” which is “a golden opportunity to introduce first-time taxpayers to their civic responsibility, by adopting technology.”

Similarly, Executive Secretary, African Tax Administration Forum (ATAF), Mr. Logan Wort, harped on the place of technology in generating revenue for the country in a post-Covid economy. Mr. Wort, who joined the Dialogue virtually from South Africa, stated that “Domestic Resource Mobilisation (DRM) is expected to contribute at least 75% to 90% on average per country” in the post-Covid era, adding that Nigeria and other African countries should note that “improved tax revenue will have to take prime position” in the scheme of things.

Wort urged Nigeria to pay serious attention to e-commerce and the digital economy sector where big, trans-national digital conglomerates like Google, Netflix and Uber operate and make huge, tax-free profits as a possible way of increasing tax revenue generation. He said Nigeria should borrow a leaf from Ghana in e-commerce taxation, which is projected to fetch Ghana $450 million in tax revenue.

In his recap of the keynote address as Chairman of the first panel session, Lagos State Governor, Mr. Babajide Sanwo-Olu, urged the AfDB president to support Lagos State as it grappled with the challenges of being the former capital city of Nigeria as well as the issues foisted upon it by the pandemic.

Minister for Communications and Digital Economy, Dr. Ali Isa Pantami, who chaired the second panel session, stressed that taxpayers should be treated as kings and canvassed better funding of the FIRS.

Tags: automationcanvassexpertsstakeholdersTAX
Cyril

Cyril

Related Posts

15 feared killed in Edo cult war
National

Cultists in shooting spree, kill 2, injure 5 in Balyesa

26th February 2021
Court sentences Mongolian ex-PM to 6 years imprisonment for abuse of power
National

Court summons Shell, top executives over alleged theft of 16m barrels of crude oil

26th February 2021
Kidnappers kill 6 teenage abductees in Ethiopia
National

Family of abducted Customs officer begs CG for assistance

26th February 2021
Next Post
Abia monarchs mourn demise of Eze Enweremadu

Abia monarchs mourn demise of Eze Enweremadu

AMCON raises alarm over rising NPLs in banks

AMCON takes over firm's assets over N1.3bn debt

EndSARS: Woman, 55 others arrested for alleged looting of warehouses in Kogi

Two suspected kidnappers arrested in Ondo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

ICPC recovers N350m from Federal High Court staff

Hoodlums kill 4 police officers in Cross River

Kalu: I’ll smoke out bandits if I were president

Kagara: FG has abandoned us -Gov Bello cries out

Nigeria failed state, restructuring only way out – Gana, Ezekwesili, Anya, others

Boko Haram gives FG a week deadline to secure release of abducted pastor

Trending

15 feared killed in Edo cult war
National

Cultists in shooting spree, kill 2, injure 5 in Balyesa

26th February 2021
0

From Femi Folaranmi, Yenagoa Suspected cultists yesterday killed two in separate shooting incidents in Yenagoa, Bayelsa State...

Court sentences Mongolian ex-PM to 6 years imprisonment for abuse of power

Court summons Shell, top executives over alleged theft of 16m barrels of crude oil

26th February 2021
Kidnappers kill 6 teenage abductees in Ethiopia

Family of abducted Customs officer begs CG for assistance

26th February 2021
Alleged fraud: ICPC seals country home of federal lawmaker in Enugu

ICPC recovers N350m from Federal High Court staff

26th February 2021
BREAKING: Shiites kill top FCT police officer Usman Umar

Hoodlums kill 4 police officers in Cross River

26th February 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist