Experts seek improved tax system to boost Nigeria’s economy

In the era of a challenging global economy, being dependent on oil revenue isn’t sustainable and there is a need to provide solutions for an efficient tax system

At the Annual Revenue Stakeholders meeting in Kogi State, the chairman of Kogi State Internal Revenue Service, Alhaji Oseni Yakubu, stated that proper training of Internal Revenue Service employees would enhance efficiency in revenue generation. He also mentioned the significant impact of revenue consultants on the revenue enhancement of Kogi State

Also chatting with Mr. Abdullahi Musa, a revenue & policy consultant at Abdullahi Musa &co, mentioned that revenue sustainability is key for government growth and development. He continued that an efficient tax system would enhance effective revenue collection and budget operationalisation. Therefore, revenue consultants are positioned to assist the IRS in researching tax bases, drafting policies, and advising the government on the untapped opportunities that could enhance the revenue of the public sector.

Furthermore, Mr. John Ademakin, a Lagos-based legal & tax consultant, expands on the need to overall the Internal Revenue Service’s legal framework. He also said that the existing revenue framework devotes less authority to the IRS leadership but more power to the State Governors. It is time for every Internal revenue service to be given autonomy to raise and utilize funds for the efficient operation of the revenue services. It is my opinion that an independent IRS would enhance the efficient tax system

In the same vein, Mr. Andrew Adeyemi, a senior officer at the Kogi State Internal Revenue Service, stated that, while the IRS is working hard to increase its revenue to execute various capital & operating budgets through taxpayer funds, the impact of revenue consultants has tremendously changed the face of revenue generation in Nigeria.

For instance, Green Lapel Consulting conducted Pay-As-You-Earn (PAYE) and Withholding Tax (WHT) audits & investigations on large corporations operating in Kogi State for the last six years, and this exercise has substantially improved the statutory revenue of Kogi State, as revealed by the efforts put together by the team.

Led by Mr. Samuel Olabanji, the team pioneered the use of advanced statistical tools in Python technology for Big Bank’s tax investigation and the review of taxpayers’ information for various Audit engagements, the significant effort of Olabanji also helped to generate milestone recovery, ensuring quick turnaround of tax assessments and speedy tax reconciliations on PAYE & WHT audit and investigation exercises.

He also mentioned that other consultants, like Mr. Ademakin, have been leading in the areas of policy review; these ideas have added value to the operation of the agency.

He also continued that the IRS is facing some bureaucratic issues due to legislative bottlenecks, but there is assurance that there would be light at the end of the tunnel, and all these issues would be resolved.

He concludes that all these consultants’ efforts and ideas have a great impact on promoting an efficient tax system in the State and Nigeria at large.