August 6, 2019

The Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Joint Tax Board (JTB), Tunde Fowler, has inaugurated a team of tax experts charged with the responsibility for implementation of the National Tax Policy. He also inaugurated a Technical Tax Policy Drafting Committee which began a workshop on National Tax Policy Implementation same day. The inauguration was important and in line with the Federal Government’s determination to reform Nigeria’s tax system towards effective economic growth, Fowler said in Abuja yesterday. He said he inaugurated the Technical Tax Policy Drafting Committee same day following the importance and urgency of its assignment to national economy. He also charged the Technical Committee to work harmoniously and assiduously in order come up, within a few weeks, with a tax policy document that will address achieving sustainability in revenue generation, identifying new and enhancing the enforcement of existing revenue streams and achieving cohesion in the revenue ecosystem. The Chairman of the Technical Committee, Ambassador Adeyemi Dipeolu said he assured that assured that the team would work hard to achieve a good result.   Source: Punch

Dr. Cyril Ikemefuna Nwobodo Ede the immediate President of the Chartered Institute of Taxation of Nigeria (CITN) For us to be truly seen as making a determined push to diversify the economy away from taxes, what we require is a sustained effort towards investing in critical infrastructure such as power and transportation which impacts greatly on industrial development. I am delighted that government is gradually taking decisive steps in this direction as evidenced on ongoing rails projects, major road rehabilitation and reconstruction in key arterial roads, investments in power generation and transmission projects etc. When these initiatives are sustained, in no time, the right environment would be created for investors to set up businesses that would operate profitably, conserve foreign exchange, reduce unemployment and pay taxes to government.He spoke to New Fortunes recently on topical issues bordering on the economy, taxation, revenue diversification, financial reporting, among others; and harped on the need for an uptick in Nigeria’s non-oil revenue stream. VAIDS assessment On the whole, I would say the programme was successful, not really in terms of numbers but the awareness generated. The publicity accorded the VAIDS programme impacted on the level of awareness and perception of Nigerians on the need to be tax compliant. Our Institute was involved in the sensitization campaign for the programme and our assessment of the feedback generated supports the fact that the programme lived up to expectations. We can only hope that in future there should be better synergy amongst the tax authorities at the federal and state level towards a successful run. By default, response to any government pronouncement, policy or programme is to shuttle between indifference and skepticism. Only in very few instances have I felt a government programme has a chance of success. But report has shown that in the first four months of implementation, VAIDS delivered N17billion into government coffers. Two months later, an additional N6billion was realised through the scheme.   Source: This days

The Federal Inland Revenue Service (FIRS) has directed the newly inaugurated Technical Tax Policy Drafting Committee to harmonise the various tax and excise law reforms in the proposed Finance Bill. The FIRS Chairman, Mr Babatunde Fowler, gave the directive at the inaugural meeting of the Reconstituted National Tax Policy Implementation Committee (NTPIC) in Abuja on Tuesday. Fowler appealed to the technical committee to work assiduously to produce a singular set of fiscal measures that would be considered and approved by the reconstituted NTPIC in the next few weeks. He also enjoined them to accelerate the drafting and submission of a draft Finance Bill in good time. “I am charging the chairman and members of this Technical Committee with the responsibility of accelerating the drafting and submission of a draft Finance Bill (and if deemed necessary, any draft Executive Order (s), to harmonise the various tax and excise law reform efforts. “It is our expectation that the Technical Committee will work assiduously over the next few weeks to produce a singular set of fiscal measures that will be considered and approved by NTPIC. “Once agreed, these fiscal measures would be submitted to the Economic Management Team, and Federal Executive Council (FEC) for approval and ultimate transmission to the National Assembly for passage into law. “This will be as part of the efforts to support the 2020 Executive Budget Proposal,’’ he explained. He said that the service under his leadership remained committed to engaging with other tiers and arms of government, particularly the National Assembly to solicit their support on the speedy passage of the bill when presented. The chairman added that when that was done, the revenue enhancement initiatives of the service would have appropriate legislative backing to be fully effective. The chairman of the committee, Mr Adeyemi Dipeolu, thanked FIRS and pledged on behalf of other members to justify the confidence reposed in them. Dipeolu said that the task of the committee had been made known and they would work strictly on the template given. He pledged to engage the organised private sector and other relevant stakeholders to get their inputs in the proposed bill. (NAN)   Source: This days

Abia State Deputy Governor, Rt Hon Ude Oko Chukwu, has called on citizens and entrepreneurs to invest in the state and enjoy tax waivers for a minimum of five years. Sir Oko Chukwu who made the call at Afaraukwu Umuahia during the opening of a mini residential estate built by a Lagos based security consultant, Chief Nzeribe Okegbue, informed that the waivers are to encourage Abians and others to contribute to the development of the state. According to him, “There is no better state to invest in as our state is currently rated among the top three safest in Nigeria and the administration led by Dr Okezie Ikpeazu is ready to support you and others to ensure good returns on your investment. We are committed to the industrialization of the state and will continue to provide support to investors as well as provide necessary infrastructure to ensure that you reap good returns on your investment within a peaceful atmosphere.” He applauded the decision of Chief Okegbue and assured him of the willingness of the government to provide enabling environment for him to further expand his investment in the housing sector which he described as crucial to the plans of the government to provide affordable housing to residents and visitors to the state through partnership with the private sector. In his address, Chief Nzeribe who is the Managing Director of Lagos based Combatants Guards Ltd, expressed appreciation to the government for encouraging him to invest in his home state and assured that he is ready to expand his investment in the state as well as make available his expertise to support manpower development in the state. He applauded the efforts of Governor Ikpeazu’s administration to positively change the Abia narrative and promised that he will invite his friends to also come to the state to invest. In his remarks, the Chairman of the occasion, Chief Ndidi Okereke, described Abians as the most intelligent and hardworking people in Africa and called for citizens support to the investment drive of Governor Okezie Ikpeazu administration. According to him, if Abians living outside the state decide to bring thier investments home the state will certainly become the most industrialized in Africa. The ceremony was witnessed by top government officials, including the State Commissioner For Information, Chief John Okiyi Kalu, Director General of Broadcasting Corporation of Abia State, Sir Uchenna Dike, former Commissioners including Chief Mascot Obike, traditional rulers and others.   Source: daily trust