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Home Business News

Reasons Reps call for taxation, remittances police

Abiola Odutola by Abiola Odutola
December 28, 2019
in Business News, Politics, Spotlight
NCC, MDA, SEEPCO, local content laws, CBN Cashless Policy: Reps eye policy reversal, court Emiefele approval , Lawmakers tackle Finance Minister over failed CCTV project worth $460 million , Former Ghanaian President, Mahama begs Buhari to open border Former President of Ghana, John Mahama has appealed to President Muhammadu Buhari to open up its borders saying that Ghana has been heavily affected by Nigeria’s decision to close its borders. Mahama said that for economic activities to resume in West Africa, Nigeria needs to reconsider its decision on the total border closure. He made this plea while delivering the seventh anniversary lecture of investiture into The Realnews Hall of Fame and the unveiling of a book, titled: Pathways to Political and Economic Development of Africa. According to the former president as reported in The Nation, the closure of especially the Benin border, was taking a significant toll on many small and medium businesses, especially in Togo, Ghana and Cote D’Ivoire, which relied on inter-country trade. “I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering. With the signing of the joint border task force agreement between Nigeria and her neighbours, I will like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume,” Mahama said. While reacting to the shut down of shops owned by Nigerians by the Ghana Union of Traders’ Association (GUTA) as retaliation to the border closure, Mahama said; “Back home in Ghana, I also look forward to our government’s intervention that brings an immediate cessation to the forceful and illegal closure of shops of foreigners, especially Nigerians, by members of the local trade associations”. Mahama who is a former Chairman of the Economic Community of West Africa States (ECOWAS) spoke on how he still has an abiding interest in the progress of ECOWAS and its people. In this light, he said that Nigeria being the home of ECOWAS and the largest economy in West Africa should not allow the objective principles for establishment of ECOWAS to be lost. Meanwhile, the Vice Chancellor of Niger Delta University, Bayelsa State, Prof. Samuel Edoumiekumo, advised President Muhammadu Buhari not to yield to pressure to reopen the borders. Edoumiekumo who was also present at the lecture said President Buhari should remain firm in his resolve to ensure economic growth and the country’s development as the border closure will generate more revenue for the nation and tackle smuggling., Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry , FMBN ex-MD ordered to refund his salary, submit FMBN accounts over infractions
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The House of Representatives has been deliberating on a bill that would lead to the creation of a law that appoints an Inspector General to enforce taxation and remittances to the Federation Account.

The bill was sponsored by House Spokesman, Benjamin Kalu, to establish the National Inspector-General for Tax Crimes Commission.

Why it matters: If passed and signed by the executive, it would promote economic efficiency and effectiveness in administering the nation’s tax system, detect and deter fraud and abuse in taxation programme and operations and protect tax payer’s rights.

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The Bill proposes to set up the Commission to assist the FIRS, in enforcing tax collection and enduring remittances of the same to the Federation Account.

It stated, “The Commission shall complement the Federal Inland Revenue Service in ensuring compliance with payment of tax; develop and implement a national policy for tracking down tax defaulters; develop tax compliance strategies; provide for an efficient and effective mechanism in administering the Nigerian tax system.

“And to protect taxpayers right, educate the citizenry on tax matters, collaborate with relevant stakeholders to ensure payment of taxes and proper remittance to the Federation Account. It will also provide a transparent platform on all matters relating to tax; provide sustainable finance and revenue for the government, and perform such other functions as may be considered necessary for the attainment of the objective set out in this Bill.”

Proposed powers of commission’s board: The bills added that the Board shall have powers to manage and superintend the affairs of the Commission; establish committees or specialized departments for the purpose of effective regulation and discharge of the Commission’s functions under the Bill.

The Bill, as reported by Vanguard, also seeks “to formulate general policies for the regulation and development of the Commission”, it also states that, “subject to the provisions of this Bill, make, alter, and revoke rules and regulations for carrying out the functions of the Agency; with the prior consent of the Inspector General of Tax, to borrow or dispose of any property; appoint either on transfer, secondment or leave of absence from any public service of the federation or private sector.

 

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Tags: Chartered Institute of Taxation of NigeriaHouse of Representatives

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