In a bid to find urgent solution to the dripping economy, the Federal Government has approved a new tax regime.

As experts raise issues on 2017 budget and measures needed to accerelate growth in the economy this year, trade facilitators are calling on effective taxation system, as one of the ways to boost growth in the system.

The news came like a thunderbolt, and it is almost unbelievable, at least to those who are exposed to the normal ways governments are run in other climes. Chairman of the Federal Inland Revenue, Mr Babatunde Fowler, has disclosed that only 13.4 million, or about 16 per cent of an estimated population of 180 million Nigerians (out of which about 80 per cent are adults) pay their taxes.

The Katsina State Urban and Regional Planning Board (KURPB), has threatened to seal 150 sites belonging to Glo telecommunications in the state for allegedly default in the payment of tenement rates to the government.

The Federation Account Allocation Committee (FAAC) meeting for June 2016 revenue distribution was delightful on account of the huge surge in resources shared amongst the tiers of government. A total of N559 billion was shared as against N305 billion in the previous month.

The Lagos State Internal Revenue Service (LlIRS) says it has sealed 18 hotels for failing to remit N34.79 million hotel occupancy and consumption tax to the state government.

Determined to enforce the payment of an annual N30,800 per market woman at Nkpor Main Market in Idemili North Local Government Area of Anambra State, the state government revenue agents have allegedly locked up over 80 shops belonging to members of Nkpor Women Petty Traders Association and forcefully kicked them out of the market.

The House of Representatives on Wednesday summoned the Minister of the Federal Capital Territory (FCT) Alhaji Mohammad Bello, to appear before its Committee on FCT over taxes being collected in the territory.

The Akwa Ibom Commissioner for Finance, Mr Akan Okon, said consumption of alcohol in hotels and beer parlours in the state would now attract tax.

The Senior Special Assistant to the President on Job Creation/Youth Employment, Afolabi Imoukhuede, has said that the Federal Government is considering tax holidays and rebates for qualifying technology start-ups in the country so that they can employ more people and grow the entrepreneurial sectors of the economy.