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The study on the Nigerian tax system and administration (1992) headed by
Prof. Emmanuel Edozien and the thrust of the reform include:
The study group on indirect taxation (1992) headed by Dr. Sylvester Ugoh
had the thrust of the reform as policy shifts from direct to
indirect/consumption tax. This brought about the introduction of Value
Added Tax (VAT).
Right systems.
Right controls.
“The new FIRS” funding system should ensure its financial independence,
and empower it to deliver on its expended responsibilities. Also remarkable,
is the provision requiring the FIRS to publish its annual audited accounts,
which should encourage transpencey and accountability. It is hoped that
the Minister of Finance, will, in exerting his/her statutory powers of
determining how the accounts of the FIRS would be kept, be guided by
global best practices.”
The proposed amendment will, hopefully, spur the private sector to fund
research, developmental and academic activities of the country's tertiary
institutions.
The FIRS Bill, 2005, is the principal instrument by which the FG seeks to
achieve this objective. Personnel matters recruit, reward, discipline,
development is also a matter for consideration.
This bill intends to amend the provisions of the existing PITA by introducing
the following into it:
CITA
Update penalty provisions and ensure that provisions are consistent with
expectation;
Update penalty provisions and ensure that provisions are consistent with
expectation:
Greater incentives for donations to tertiary and research institutions buy
making such deductions tax deductible expenses.
“The proposed amendment with hopefully, spurs the private sector to fund
research, developmental and academic activities of the country's tertiary
institutions.”
PPTA
VATA
Non-oil exports
Update penalty provisions increase VAT rate from 5 per cent (this is
intended to compensate for the propose reduction in Companies Income
Tax rate).
Putting in place corporate plan documents for both short and medium term;
Conclusion
Information cross-referencing;
It is hoped that your have been well informed about the thrust of the reform.
I hope that the reform will uplift the tax administration in Nigeria to an
enviable height.
The process of change can sometimes be slow, demanding and painful but
a successful definitely, will justify all the efforts and resources expanded.
We shall succeed not only in trebling the revenue collection performance
target by the year 2007 but also in building a Revenue Service with a brand
new image which will be a pride to Nigerians home and abroad.