A financial expert, Dr. Philip Akiode has highlighted some of the steps that the government must take to increase the level of voluntary tax compliance in Nigeria.
Akiode stated this on Wednesday during a workshop for Federal Capital Territory Administration Revenue Officers.
The two-day training on economic planning revenue generation and public private partnership secretariat had as its theme, “Improving revenue generation for the Federal Capital Territory.”
Akiode who highlighted how to reverse the trend on tax compliance, stated that while the government has implemented several measures to foster partnership with taxpayer, these measures are yet to change the tax revenue position of the country.
He called on the government to implement policies on tax transparency, foster partnership with taxpayers on direct utilization of taxes on infrastructure and involve informal sector groups in tax compliance efforts.
He also said there is need to expand whistleblowing policy to gather intelligence for tax enforcement, adding that taxes remain the most sustainable and reliable source of public revenue of any modern state.
Akiode further cited recent estimates from the International Center for Tax and Development, which stated that tax revenues account for more than 80 per cent of total government revenue in about half of the countries in the world and more than 50 per cent in almost every country.
Source: Culled From The Whistler.