May 24, 2024

FG targeting boost in tax collection efficiency, not to increase burden — Shettima


VP Shettima

….Seeks inclusion of more youths in Capital Market

By Johnbosco Agbakwuru

VICE President Kashim Shettima, yesterday, restated the commitment of President Bola Tinubu’s administration to revamp the nation’s tax system without overburdening Nigerians.

Specifically, he said the fundamental motive of the administration was not to increase the tax burden on Nigerians, but to improve the efficiency of tax collection.

Speaking when he received a delegation from the Chartered Institute of Taxation of Nigeria, CITN, at the Presidential Villa, VP Shettima noted that no Nigerian was pleased with the illegal tax collection happening across the entire country by non-state actors.

Soliciting CITN’s insights on attracting foreign direct investment through competitive company tax rates, the VP said:  “The focus of President Bola Ahmed Tinubu’s administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. That is our fundamental motive.

“As you go across every state, you get to at least five or six places where you have to pay all sorts of fictitious taxes that do not get to the pockets of the government.”

He stressed the importance of collaborating with the CITN to adopt global best practices in tax administration, pointing out that “knowledge is not something you can buy in the market square; you have to earn it”.

In his remarks, CITN President, Samuel Agbeluyi, commended the federal government’s efforts at addressing the needs of Nigerians, citing the recent suspension of the cybersecurity levy as a prime example.

He applauded the administration’s initiatives, including unifying exchange rates, attracting foreign investment, establishing the presidential committee on fiscal policy and tax reforms, as well as deploying monetary policy measures to stabilise the naira, combat inflation, and recapitalize banks.

Agbeluyi outlined the CITN’s multi-pronged goals, chief among which is forging a strategic partnership with the government to ensure the smooth implementation of the fiscal policy committee’s recommendations.

Meanwhile, Vice President Shettima has called on leaders in Nigeria’s capital market to restructure the system, with a view to deploying strategies that would attract more youths to leverage opportunities in the sector.

The restructuring of the sector, he said, should include, among other things, the strengthening of internal mechanisms to checkmate unwholesome practices by unscrupulous persons in the market.

He made the call yesterday when he received the management of the Chartered Institute of Stockbroker, (CIS, led by its 13th President and Chairman of Council, Mr Oluropo Dada, on a courtesy visit to the Presidential Villa.

Speaking on the contributions of CIS to the nation’s economy, Senator Shettima observed that while the institute’s position in the economy was critical, it had been grossly underutilized over the years.

He called for the complete overhaul of the system and deployment of innovative measures for potentials in the space to be fully harnessed.