Tinubu Proposes Creation of Nigeria Revenue Service to Centralize Tax Collection, Boost Revenue
President Bola Tinubu is considering preventing revenue-generating agencies from collecting funds on behalf of the Federal Government, proposing instead the establishment of a single entity, the Nigeria Revenue Service, to take over this responsibility.
This move follows the government’s introduction of a comprehensive tax reform aimed at significantly improving revenue collection.
The reforms are intended to increase efficiency in collecting direct taxes and various levies, which will result in the Nigerian Customs Service, Nigerian Ports Authority, and about 60 other agencies being excluded from revenue collection duties. Instead, the Nigeria Revenue Service will be created to centralize this function.
By introducing these reforms, the government aims to simplify the tax collection process, ensure all taxable entities contribute fairly, and maximize revenue to support public services and infrastructure development.
This policy directive was announced on Thursday when the President submitted four executive bills to the National Assembly, seeking to implement major tax reforms.
Nigeria, facing widespread revenue challenges across all levels of government, aims to achieve a minimum tax-to-GDP ratio of 18 percent. Currently, the country’s tax-to-GDP ratio is below the African average and ranks among the lowest globally.
This situation has resulted in fiscal deficits and an over-reliance on borrowing to finance public expenditures, creating a cycle of inadequate funding for socio-economic development.
One of the key proposals in the reforms is the renaming of the Federal Inland Revenue Service to the Nigeria Revenue Service.
Read more from the source :- https://punchng.com/tinubu-plans-to-bar-customs-npa-others-from-revenue-collection/
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