Extending Tax Nets to Increase Government Revenue: The Vision of RMAFC

Unlocking Nigeria’s Potential: RMAFC’s Vision for Increased Government Revenue through Tax Compliance and Reform under Chairman Alhaji Muhammad Shehu’s Leadership.

Under Chairman Alhaji Muhammad Shehu’s leadership, the RMAFC has initiated a campaign encouraging Nigerians to actively boost government revenue through honest and timely tax payments.

Effort to Enhance Service and Infrastructure

• A Wake-Up Call to All Nigerians
• Heeding the RMAFC’s Clarion Call
• RMAFC Calls for Citizen Participation
• RMAFC encourages regular tax payments for government’s financial stability.

Alhaji Muhammad Shehu’s Insight
Shehu expressed apprehension concerning the existing condition of tax compliance within the nation during a recent interview in Abuja.

Tax Compliance: Current Scenario

A Concerning Picture of Compliance
Shehu shed light on the fact that a mere fraction of the populous Nigerian nation is registered as active taxpayers, a figure significantly lower than expected given the nation’s population exceeding 200 million.

Tax System Revamp

A tax system reevaluation and restructuring are crucial to expand the taxpayer base, strengthening the nation’s economic stability and growth prospects.

Introducing the Tax Reform Committee.

Establishment and Potential
Chairman Shehu praised the inception of the Tax Reform Committee, spearheaded by President Bola Tinubu.

Committee for Tax Base Expansion
Shehu proposed using this committee to integrate informal sector agents into the formal tax system, thus broadening the tax base.

Strengthening Society Together
Shehu highlighted the benefits of this collaborative effort, envisioning a society where a larger population contributes through taxes, funding improved services and infrastructure for all Nigerians.

Enhancing Tax Efficiency through Collaboration

Strengthening Bonds with FIRS
Shehu highlighted the necessity for the Federal Inland Revenue Service (FIRS) to collaborate actively with the Nigeria Customs Service (NCS) to pinpoint and rectify instances of tax evasions, fostering a harmonious relationship.

Tackling Tax Reporting Discrepancies
Shehu noted disparities where reported incomes don’t align with substantial imports and called for thorough examination to improve tax efficiency.

Forging a Tax-Compliant Culture in Nigeria

Cultivating a Willingness to Pay Taxes

Fostering Voluntary Tax Culture
Shehu fervently promoted a culture of voluntary tax payment, stressing taxes’ vital role in government revenue generation and essential service and infrastructure provision.

Tax Payment: A Civic Duty

Tax as Civic Duty
He likened tax payment to civic duty, akin to utility bill payments or buying phone credits, nurturing a society where all contribute to national development through taxes.

Benefits of a Well-Funded Government
Shehu stressed the benefits of a well-funded government, facilitating investments in infrastructure, healthcare, social security, and programs for the less fortunate.

With an integrated approach towards enhancing tax compliance and broadening the tax net, Nigeria stands at the cusp of a transformation, ready to soar to new heights, powered by the collective efforts of its citizens, urged and guided by the visionary leadership of the RMAFC and Chairman Alhaji Muhammad Shehu.

for more info do follow / piggybank.ng