Multiple Taxes, Revenue Agencies Impact Income Generation – Tax Reform Committee Chair, Oyedele
The Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele has disclosed that the multiplicity of taxes and revenue agencies constitutes a major setback in income generation by the government.
He spoke at the ongoing 53rd Annual Accountants Conference of the Institute of Chartered Accountants of Nigeria (ICAN) held in Abuja on Wednesday.
While speaking on a paper titled: Rethinking Nigeria’s Economic Management, Revenue Optimisation and Fiscal Responsibility, I stressed that other factors are unprofessional means of tax administration, low tax morale, taxpayer apathy, and largely manual processes.
Oyedele suggested that to enhance revenue generation we need to have a single digital tax system, clarity of taxing rights, integration of tax collection functions, harmonisation of revenue administration, and a simplified approach to tax compliance.
The Chairman emphasized that the federal government should ensure administrative intervention, constitution amendment, use of technology, and vertical and horizontal coordination to assist in transforming the tax system in the country.
He appealed to accountants to conduct professional roles in their offices and ensure that the limited resources at the government’s disposal are effectively and efficiently utilised to better the lives of the majority of the citizenry in the country.
Oyedele enjoined the Accountants to uphold the ethics and values of the profession by displaying integrity and transparency in their practices to strengthen the laws against corruption.