The 10th session of the Senate said it is considering the consolidation of revenue collection into a single agency through a legislative action to curb duplication, tackle corruption and ensure seamless transactions by taxpayers.
This was contained in a communiqué on Sunday at the end of the three-day retreat organised by the National Institute for Legislative and Democratic Studies (NILDS) for senators of the 10th National Assembly on Fiscal Policy and Tax Reform held at Four-point by Sheraton Hotel, Ikot Ekpene, Akwa Ibom State.
The communiqué was signed by the Chairman, Senate Committee on Media and Public Affairs, Chairman, Communique Sub-Committee of the Senate Retreat, Senator Yemi Adaramodu.
The Senate noted that the move would simplify the tax system, reduce duplication of efforts, and make it easier for taxpayers to comply with the law.
It added that lots of tax policies, for instance, the Stamp Duty Act of 1939, shall be reviewed to conform with the present ways of doing business in the country.
It read: “There is a need to enhance public spending efficiency, by tackling corruption in government’s spending in order to provide commensurate fiscal exchange to citizens and boost tax morale.
“The situation where many agencies of government are involved in collecting taxes and new laws continue to make it the responsibility of these agencies to collect taxes should be halted, through a legislative resolution”.
It added that Bills on taxes should be presented as Executive Bills and not as private member Bills, adding that there was need to review the tax waiver policy to ensure it aligns with the revenue mobilisation drive of the government by making the waiver process more transparent and accountable.
It further called for the review of the Stamp Duty Act of 1939 and other obsolete and anachronistic laws in conformity with present realities as well as address exchange rate management issues, challenges of inflation, address poverty, and create jobs.
According to the communique there was the need to consider and approve the Emergency Economic
Intervention Bill from the Executive as a proposed legislation from the Presidential Committee on Fiscal Policy and Tax Reforms.
“The government should establish clear and transparent guidelines for the amount of revenue that revenue-generating institutions are allowed to retain.
“These guidelines should be based on objective criteria, such as the institution’s verified operating costs and investment needs by the relevant authorities and committees of the National Assembly.
“Need for effective management of resources by adopting technology in expenditure management, driving adherence to fiscal rules and benchmarks, establishing a national fiscal risk framework for revenue, debt, and expenditure”, it reads.
It further added that “Nigerian government should consolidate revenue collection into a single agency like the FIRS, adding that this will “simplify the tax system, reduce duplication of efforts, and make it easier for taxpayers to comply with the law”.
The communique added that the Senate would work with the Executive to review the National Development Plan to integrate the eight-point Agenda of the President and consider legislating aspects of the Agenda for holistic implementation.
The retreat which was organised by the NILDS was declared open by President Bola Tinubu and had the Senate President, Senator Godswill Akpabio, and other principal officers of the 10th National Assembly in attendance.
