Market News
Effective tax system, solution to naira’s free fall – FG told - VANGUARD
By Favour Ulebor, Abuja
The Association of Concerned Citizens of Nigeria on Revenue and Economy, ACCNRE, has said effective management of the tax system is the major solution to shore up the value of naira.
The Founder ACCNRE and Tax Analyst, Orji Philip Orji said this during a press briefing with journalists them themed, “Save the Nigeria Children Tax Transparency and Accountability Initiative, on Friday in Abuja.
He said the establishment of the Independent Revenue Inspectorate Agency of Nigeria, I-RIAN, will generate over 40 billion US dollars which is over 50 trillion naira in the present Dollar rate per annum and will enable Nigeria to integrate into the Organization for Economic Cooperation and Development, OECD and UNDP Tax Inspectors Without Borders (TIWB) automatic information sharing against illicit financial flow, transfer pricing, base erosion, and all manner of international tax frauds.
He said the I-RIAN proposed bill which has passed second reading in the 10th Assembly, House of Representatives, with the title, National Tax Crime and Oversight Commission, NTCOC, would surmount the current economic challenges Nigerians face.
The bill seeks to promote economic efficiency and effectiveness in administering the national tax system, detect, deter fraud, waste an abuse in the taxation programs and operations and to protect the taxpayers right.
Philip said the establishment of the I-RIAN would yield results within 24 months.
He urged the Federal government to establish the agency to boost economic growth.
He said, “The benefits of the establishment of a revenue inspectorate agency in any country cannot be overemphasized.
“Nigeria lack the requisite IT to tax the multinational corporations and the international citizens (Nigerians that owns companies and businesses overseas), international taxes alone will give Nigeria over 40 billion US dollars which is over 50 trillion naira in the present Dollar rate per annum.
“Domestic tactics with the IT modern data Base electronic service delivery on VAT, consumption, property, personal and corporate income taxes will give Nigeria nothing less than 30 trillion naira per annum with low rate and by extension eliminate increments and introduction of new taxes.”
