Politics

VICE-PRESIDENT Kashim Shettima has restated the commitment of President Bola Tinubu’s administration to revamp the nation’s tax system without overburdening Nigerians.

Shettima made the pledge on Thursday when he received a delegation from the Chartered Institute of Taxation of Nigeria (CITN), at the Presidential Villa, Abuja.

He noted that the fundamental motive of the administration was not to increase the tax burden on Nigerians but to improve tax collection efficiency.

According to him, no Nigerian is pleased with the illegal tax collection happening across the country by non-state actors.

He solicited the CITN’s insights on attracting foreign direct investment through competitive company tax rates.

‘‘The focus of the President Bola Tinubu’s administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. That is our fundamental motive.

‘‘As you go across every state, you get to at least five or six places where you have to pay all sorts of fictitious taxes that do not get into the pockets of the government.”

The Vice-President stressed the importance of collaborating with the CITN to adopt global best practices in tax administration.

In his remarks, the President of CITN, Samuel Agbeluyi, commended the Federal Government’s efforts to address the needs of Nigerians, citing the recent suspension of the Cyber Security Levy as a prime example.

He applauded the administration for unifying exchange rates, attracting foreign investment, establishing the Presidential Committee on Fiscal Policy and Tax Reforms.

He also commended the administration for the deployment of monetary policy measures to stabilise the Naira, combat inflation and recapitalise banks.

He advocated the professionalisation of tax functions within government agencies.

He also emphasised the need for recognising exemplary tax professionals and taxpayers through national honours.

Similarly, the CITN president called for the fostering of a robust working relationship between the organisation and the Vice-President’s office on fiscal matters.

“We believe that our collaborative efforts will contribute significantly to the realisation of a tax system that is fair, transparent, and capable of driving Nigeria’s economic growth and development.”

He pledged to provide technical and professional advice to the government at all levels, contributing to the development of an efficient tax system that fosters ease of doing business, accountability, and prudent utilisation of taxpayers’ resources. (NAN)

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May 24, 2024

Tags: Commitment to revamp tax system