The Chairman of the Federal Inland Revenue Service, Muhammad Nami, says tax authorities must continue to explore and adopt measures and innovative initiatives that will lead to the optimisation of tax revenue for all levels of government.
This is against the backdrop of the present administration’s tax reforms aimed at broadening the tax net and boosting nom-oil revenue.
The Federal Inland Revenue Service raked in a record 5.5trillion naira in tax income for the first six months of the year .
The agency is working towards building on the amount generated by way of strategy and restrategizing.
It also believes that for more progress to be made in this regard, tax authorities must find new ways of getting the most from tax revenue not just at the federal level but also at the sub-national.
This includes finding unconventional ways of doing things within the tax system.
The FIRS boss identifies with the present administration’s emphasis on the role of tax income in expenditure funding .
This underscores the need for optimising taxation sources in the most efficient, effective, more inclusive, sustainable ways.
He believes this will go a long way in driving required levels of productivity needed across sectors for economic growth and development.
This view is shared by other taxation stakeholders who see the need for better clarification on taxation rights, integration of tax collection functions , funding of tax agencies and use of the right kind of technology to boost the process.
The taxation experts also advise that the best approach to enhancing tax revenue collection is not by bringing in more taxes but exploring existing ones with high yield potentials.
