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April 16, 2024

Anambra targets N4bn monthly IGR from tax in partnership with CITN

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By Nwabueze Okonkwo

The Chattered Institute  of Taxation of Nigeria, CITN has reiterated it’s determination to partner with Anambra state government to increase the state’s monthly Internally Generated Revenue IGR through tax payments.

Currently, the state government is generating about N3 billion monthly as revenue from taxes but expressed it’s desire to partner with CITN in order to increase the monthly generation to at least N4 billion per month through the formalization of the Informal section.

 President of CITN, Samuel Agbeluyi who disclosed this on Tuesday in Awka during a one-day  joint taxpayer education and enlightenment programme organized by Anambra State Internal Revenue. Service, AIRS in conjunction with CITN,, said henceforth, efforts would be intensified towards increasing the State revenue generation by bringing the informal sector to tax net.

Agbeluyi who was represented by CITN Vice President, Innocent Ohagwa, explained that the partnership would equally assist the informal Sector, which included the motorists, petty traders, freelancers, schools and others, to grow in their chosen careers by exposing them to government incentives, loans, free business and professional consultancy services, among other opportunities.

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He contended that with theme: “formalising the informal sector: the economic benefits”, most informal sectors were facing survival challenges as a result of being outside the revenue window and bucket.

Describing taxations as statutory obligations required from all the citizens so as to enable the government provide basic amenities to the citizenry, Agbeluyi further declared:. “f you want to reap the benefits of the State government there is need to be tax compliance because tax will assist the State government to serve the citizenry better. To achieve this, informal sectors are needed to come into the tax net because they are occupied by the majority of Anambra State populace due to many markets, transportations and others existing in the State. We encourage all to formalise their businesses because of it numerous benefits”.

Also speaking, the Chairman and Chief Executive Officer, AiRS, Dr Greg Ezeilo, said objectives of the programme was to provide knowledge of taxations and other related matters meaningfully for benefits of all the citizenry.

Contributing, the Executive Director, Assessment AiRS, Mr Ben Okafor, said the programme would enable them to find out the areas to leverage on in tax collection,  while designing programmes to reach out to relevant stakeholders in informal sector, as well as informing them on what the government was doing with their taxes

On his part, the lead paper presenter, Nze Akachukwu Nwankpo, urged Anambra State government to develop good mechanism capable of enabling them to reach out to all those in the nformal Sector, as well as obtain the necessary data needed in gathering taxes from them.

Nwankpo, a former governorship candidate in Anambra state, further listed the benefits informal sectors would gain by joining the tax net as more access to finances, link to value chains, government relief measures, improved performance, reduced poverty and inequality, social and political stability.

Earlier, Anambra State governor, Professor Chukwuma Soludo, represented by his Chief of Staff, Mr Ernest Ezeajughi, described the theme for the programme as interesting, noting that its sustenance would help to increase the State revenue generation from taxation to about N4bn monthly..