The National Assembly may soon be required to pass a bill that will harmonize the various tax and excise law reforms.
Executive Chairman of the Federal Inland Revenue Service (FIRS) Mr. Tunde Fowler gave this hint in Abuja on Tuesday at the inauguration ceremony of the reconstituted National Tax Policy Implementation Committee (NTPIC).
Fowler charged the committee to accelerate the development and submission of a draft Finance Bill to harmonise the various tax and excise law reform efforts.
According to Fowler, “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 the reconstituted NTPIC.
“Once agreed, these fiscal measures are to be submitted to the Economic Management Team and Federal Executive Council, for approval and ultimate transmission to the National Assembly, for passage into law, as part of the efforts to support the 2020 Executive Budget proposal,” he said.
He assured that the committee is ready to partner and engage other tiers of government, “particularly the National Assembly, for support in the passage of a single Finance Bill that will ensure revenue-enhancement initiatives with appropriate legislative backing”.
Fowler said he looked forward “to receiving the report and submissions of the Technical Committee, in due course, to expedite our efforts in drafting the proposed Finance Bill to support the financing of the 2020 Federal Budget.”
Mr. Tunde Fowler, also declared that the reconstitution of the National Tax Policy Implementation Committee (NTPIC) will lead to a boost in the country’s non-oil revenue.
The FIRS boss noted that for the country’s revenue base to grow, there is a need for improvement non-oil tax revenues.
He explained that the ongoing tax reform gained further impetus under the Strategic Revenue Growth Initiatives (SRGIs), which he said are focused on three key thematic areas. These are: Achieving sustainability in revenue generation, identifying new and enhancing the enforcement of existing revenue streams as well as achieving cohesion in the revenue ecosystem.
According to Fowler, the Technical Tax Policy Drafting Committee was set up to support the work of the Reconstituted NTPIC, which is chaired by Ambassador Adeyemi Dipeolu, with Dr. Oyebode Oyetunde as Deputy Chairman.
Mr. Simon Kato is the Secretary. Other members are Dr. Jumoke Oduwole, Dr. Mike Abani, Ms. Rukaiyah el-Rufai, Ms. Nabila Aguele, Ms. Edirin Akemu, Professor Abiola Sanni, Mr. Taiwo Oyedele, Mr. Ajibola Olomola, Mr. Oluseye Arowolo and Mr. Albert Folorunsho.
Accepting the responsibility bestowed on the Committee, Ambassador Dipeolu assured the NTPIC of the Committee’s commitment to producing a draft Finance Bill incorporating fiscal measures to support the government’s revenue generation efforts.
“As you may be aware, Nigeria has one of the lowest tax-to-GDP ratios in the world at six per cent, which constitutes a significant challenge to raising the quantum of resources we need to deliver key economic, social and other development targets under the Economic Recovery and Growth Plan.
“The SRGIs Steering Committee, of which I am a member, continues to meet regularly and pursue the implementation of a variety of tax and other revenue-enhancing reforms and interventions. However, fiscal policy reforms are not only about raising taxes and excise duties, but also about strengthening the social contract between citizens and state, upon which modern societies are built,” Dipeolu said.
Source: https://thenationonlineng.net/harmonized-tax-bill-coming-says-firs/