The Nigerian Vice President, Kashim Shettima has restated the commitment of the Government to revamp the nation’s tax system without overburdening Nigerians.
Mr Shettima said the fundamental motive of the administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection.
He stated this on Thursday when he received a delegation from the Chartered Institute of Taxation of Nigeria, CITN, at the Presidential Villa Abuja.
Soliciting CITN’s insights on attracting foreign direct investment through competitive company tax rates, Mr Shettima said, “The focus of the President Bola Ahmed Tinubu administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. That is our fundamental motive.”
“As you go across every State, you get to at least five or six places where you have to pay all sorts of fictitious taxes that do not get to the pockets of the government.”
The Vice President stressed the importance of collaborating with the CITN to adopt global best practices in tax administration, pointing out that, “knowledge is not something you can buy in the market square; you have to earn it.”
In his remarks, CITN President, Samuel Agbeluyi, commended the Government’s efforts to address the needs of Nigerians, citing the recent suspension of the Cyber Security Levy as a prime example.
He acknowledged the administration’s initiatives, in unifying exchange rates, attracting foreign investment, establishing the Presidential Committee on Fiscal Policy and Tax Reforms, as well as deploying monetary policy measures to stabilize the naira, combat inflation, and recapitalize banks.
Mr Agbeluyi outlined the CITN’s multi-pronged goals, chief among which is forging a strategic partnership with the government to ensure the smooth implementation of the fiscal policy committee’s recommendations.
He advocated for the professionalization of tax functions within government agencies, recognizing exemplary tax professionals and taxpayers through national honours, and fostering a robust working relationship between the CITN and the Vice President’s office on fiscal matters.
