The Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami, has decried the inefficiencies in the current stamp duty and capital gain tax collection system.
According to him, the inefficiencies have led to poor revenue generation from these taxes.
Nami revealed this information at the opening ceremony of the 2021 tax week of the Chartered Institute of Taxation of Nigeria, in Abuja on Thursday.
The theme of the tax week for this year is, “Efficient Tax Administration as a Panacea for Increased Revenue Generation”
He said the theme was apt as it showed the current efforts of the governments at all levels to rapidly increase revenue generation and reduce debt financing.
The FIRS boss also added that the government’s efforts to increase revenue are currently hindered by insecurity, high exchange rate and the effects of COVID-19.
Nami added, “The Federal Government needs money to provide more critical infrastructure, maintain existing ones and provide medical and educational facilities to the teaming youth and by extension reduce unemployment
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