Economist tasks FG on effective tax collection to boost revenue profile

By Chinyere Joel-Nwokeoma
Lagos –  An economist, Prof. Sheriffdeen Tella has urged the Federal Government to explore new method of tax collection to boost the nation’s revenue generation drive.

Tella, of the Olabisi Onabanjo University, Ago-Iwoye, Ogun told the News Agency of Nigeria (NAN) in Lagos on Monday that there was the need for government to strengthen its tax collection mechanism for improved revenue generation. “To raise more revenue from taxes, government has to improve on efficiency and effectiveness of tax collection mechanism as well as introduce some new taxes like property tax, gift tax, luxury and inheritance taxes,’’ Tella said. According to him, efficiency and effectiveness has to do with how the personnel involved in tax collection are doing their work, the motivation and meeting of targets.
Tella said that government should employ tax experts to assist in providing tax framework for the nation. According to him, private firms personnel can be used temporarily and the amount collected used as bench mark for ministry workers when they take over tax collection. Tella claimed that many companies were in the habit of bribing tax collectors to avoid payment of appropriate tax, while others manipulate figures by declaring lower profits rather than the real profit. He noted that taxes apart from being used to raise funds for executing annual budgets, taxes were also used to achieve some other objectives including the control of consumption and production. NAN recalls that Mrs Kemi Adeosun, the Minister of Finance, recently revealed plans by the Federal Government to increase the tax paid on tobacco and alcohol.
Adeosun said that the idea was to raise revenue and decrease tobacco consumption in the country. (NAN)

Related Story:  South Africa's rand under pressure, stocks set to open flat
MTN News Alert
DMON
To receive our mobile newspaper on MTN delivered on your phone, text SAWD to 4900 at N50 per week or SAMD to 4900 at N150 per month.
For information on press releases, photos, promotional events and adverts, call or send text to 08173460599 or 08094208271or send email to: info@sundiatapost.com

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838
https://twitter.com/sundiatapost/

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
ACCREDITED MEMBER
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate