Economy Watch

FG to ensure strict compliance with tax payment

President Mohammadu Buhari

-By Victoria Opeyemi

President Mohammadu Buhari has directed strict compliance with tax payment to enhance revenue generation. Speaking at the first virtual national tax conference, Buhari said the Federal Government will continue to work an inclusive framework to develop internationally acceptable rules for taxation.

According to the president, “it is actually now that our season and local businesses pay their fair share of taxes accordingly to the Federal Inland Revenue Service (FIRS). FIRS has my mandate to speedily put everything in place to fully implement programmes to stamp out this measure in profit shifting in all their ramifications and ultimately fix tax processes.”

With the theme, taxation in a post coranavirus economy, participants at the conference agreed that taxes should be employed as instrument for promoting development in the country.

On his part, the president of Africa Development Bank, Dr. Akinwumi Adesina, was of the view that efforts have been made concerning tax administration without compliance with weaknesses in place that have caused leakages which affected revenue in the past.

The virtual meeting also called for a new comprehensive tax payment culture to improve revenue generation drive through taxation.

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