By Aliyu DANLADI
An expert on taxation Mr Olarinde Olufemi, , has advocated for continuous review of tax laws to boost revenue generation for the country.
He made the call during his presentation entitled, “Strategies to Stop Loss of Taxes in Nigeria’’ at the roundtable discussion with media practitioners on Tax Justice in Nigeria on Wednesday in Lagos.
The event was organised by ActionAid Nigeria for journalists in the country.
He said the present tax laws and system in the country had its own challenges which had resulted to tax evasion, repatriation of profits by multinational companies and others.
“For us to block leakages and other lacunas in the tax system to boost revenue generation, there is need for constant review of tax laws in the country to checkmate challenges in tax collection.
“Effective implementation of the National Tax Policy and continuous tax education is necessary because it will instigate people to pay their taxes without coercion.
“More so, to boost revenue generation, there is need for effective enforcement of tax programmes and audit exercises of tax payers, especially companies and organisations.
“Capacity building for tax officials is necessary to ensure successful tax audit, e-payment and monitoring,’’ Olufemi said.
The tax expert also said that there should be constant production of regulations and orders like “Executive Orders to block tax leakages’’ to supplement tax laws.
According to him, some people may lack understanding on certain tax issues and compliance and as such, circulars should be issued regularly to clarify misconceptions on tax matters.
“There is also need to strengthen automation of tax administration and collection process; however, tax payers need to be open and honest on information to tax authorities’’.
Olufemi also said that there was need for effective collaboration among government agencies at the federal, state and local government levels.
He emphasised that state and local governments that employed expatriates should also ensure that they paid appropriate taxes to the relevant authorities.
“There is also need for collaboration among tax authorities, banks and other financial service providers to ensure adequate remittances.
“There is need for a viable database for businesses and individuals in Nigeria; this will go a long to give us an effective and coordinated tax system devoid of leakages and evasion.
“If all these are effectively carried out, leakages in our tax system will be block, tax evasion minimise and our revenue improve,’’ he said.
