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FG: Tax is now the federal largest source of revenue.

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FG: Tax is now the federal largest source of revenue.

By: Adisa Deborah

The Federal Government, through Accountant-General Oluwatoyin Madein, has asked tax practitioners to raise tax revenue, citing it as the federation’s largest source of income. This was announced at the 26th Annual Tax Conference in Abuja, which focused on sustainable tax culture and an economic path for national development. 

 Madein emphasized the Office of the Accountant-General of the Federation’s commitment to a sustainable tax culture, citing tax income as the most important source of revenue. The Federation Account Allocation Committee is eagerly awaiting the FIRS’s performance, which exceeded its 2023 income projection by N816 billion.

 At a CITN seminar on Tuesday, Madein, Coordinating Director of the Special Tax Operations Group at FIRS, urged tax practitioners to improve tax collection efforts, arguing that taxation may help create a more prosperous, equitable, and sustainable society. 

 FAAC focuses on infrastructure development and tax legislation to generate funds for infrastructure development. Tax practitioners are performing admirably, but more is needed to meet citizens’ expectations. The conference’s goal is to enhance collaboration and understanding of tax rules among professionals, experts, and taxpayers.

Samuel Agbeluyi, President/Chairman of the Council of CITN, stressed the impact of gasoline and energy subsidies on the purchasing power of the poor, while President Bola Tinubu urged the Central Bank of Nigeria to slow down the new cybersecurity levy. 

President Bola has requested that the CBN suspend the contentious cybersecurity tax policy, following the House of Representatives’ decision to remove the circular mandating banks to collect a 0.5% cybersecurity levy on electronic transactions.

 The CBN has mandated that banks, mobile money operators, and payment service providers adopt a cybersecurity levy by the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. The National Cybersecurity Fund will be overseen by the Office of the National Security Adviser. 

 The government is using technology to improve the efficiency of tax revenue collection, develop a tax-paying culture, and contribute to nation-building at the subnational level by using digital revenue tracking, including cryptocurrencies.

 

 

 

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