The National Assembly has considered the consolidation of revenue collection into a single agency through a legislative action to curb duplication, corruption, and ensure seamless transactions by taxpayers.
This was contained in a communique issued at the end of the 3-day Retreat on Saturday for Senators of the 10th National Assembly on Fiscal Policy and Tax Reform at Four-Point by Sheraton Hotel, Ikot Ekpene, Akwa Ibom State.
The communique was signed by Sen. Yemi Adaramodu, Chairman, Senate Committee on Media and Public Affairs/Chairman, Communique Sub-Committee of the Senate Retreat.
The communique noted that the move would simplify the tax system, reduce duplication of efforts, and make it easier for taxpayers to comply with the law.
According to the communique, tax policies, for instance, the Stamp Duty Act of 1939, shall be reviewed to conform to the present realities of doing business in the country.
“There is a need to enhance public spending efficiency, by tackling corruption in Government 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,” the communique stated.
According to the communique bills on taxes should be presented as executive bills and not as private member bills.
It stated that there was a need to review the tax waiver policy to ensure it is aligned with the revenue mobilisation drive of the government by making the waiver process more transparent and accountable.
The communique calls for the review of the Stamp Duty Act of 1939 and other obsolete and anachronistic laws in conformity with present realities.
The communique also sought to address exchange rate management issues, and challenges of inflation, address poverty, and create jobs.
It stated that there is a 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 funds 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.
The communique added that the Nigerian Government should consolidate revenue collection into a single agency like the FIRS.
It added that this would 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 8-point Agenda of the President and consider legislating aspects of the agenda for holistic implementation.
It stated that there is a need to consider relevant constitutional V amendments to pave the way for a 5-year development plan to cater for projects and ensure continuity while limiting abandoned projects.
“Enforce consequences for violations of any provisions of the law regarding monetary and fiscal matters.
“This will require amendments to the relevant laws to ensure effective oversight and enforcement of the consequences, as the case may be.
“Need for legislation that clearly defines the taxing rights of the three levels of government.
“Need for legislative intervention to promote the optimisation of revenue from non-oil sources, especially in the solid mineral sector.
“Enactment of an Emergency Economic Intervention Bill. This will address critical socio-economic issues concerning foreign exchange management, tackling inflation, stimulating economic growth, and creating more jobs,” it added.
The retreat which was organised by the National Institute for Legislative and Democratic Studies (NILDS) was declared open by President Bola Tinubu, and had the Senate President, Sen. Godswill Akpabio and other principal officers of the 10th National Assembly.