Tax board brainstorms on ways to increase income tax

Image result for Tax board brainstorms on ways to increase income taxThe Joint Tax Board has met in Abuja to find ways of increasing the country’s tax income.  The revenue generating agencies seek more support from government in meeting up with their mandate.

Lara Afolayan reports that the 135th meeting of Nigeria’s joint tax board focused on how revenue generating agencies can better collaborate to enhance the country’s tax income.

In setting the tone for dscussion, the agencies bare their minds on the challenges confronting their operations.

They identify the troubled exchange rate, low import levels and debt incurred by states as pressing issues

The Federal Inland Revenue Service assures these organisations that their demand for improved technology for their operations will be addressed.

It reiterates commitment to meeting set revenue targets by bringing more small businesses into the tax net.

The Chartered Institute of Taxation says better synergy between revenue generating agencies will help the country eradicate tax evasion and avoidance issues.

Issues raised at the meeting include how corruption can be eliminated from the tax system.

The FIRS was also advised to make its issuance of tax clearance certificates faster if they will be effectively used as conditions for International passport issuance and expatriate quota’s approval.

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