The Nigeria Senate has called on stakeholders in the tax industry to make Tax education relevant to arouse citizens’ interest in the way in which the monies generated from taxes are used.
The call was made during the debate on the Finance Bill, 2020 second reading on the floor of the Senate.
According to Senator Abdullahi Sabi, Niger East, noted that the only way to get the interest of citizens is to let them know the working of the Tax system; stating that most citizens don’t have any idea of what Tax is and how it’s been operated.
“Tax education will make them know and take ownership of some of the projects in their various constituents and hold the government accountable”.
The lawmaker also urged the relevant Tax agencies to start mainstreaming Tax education to increase the level of awareness.
Senator Smart Adeyemi, Kogi West, while contributing to the debate noted that the bill is very critical for revenue expansion for the 2021 budget. He pointed out that, this will help in infrastructural development of the nation.
Adeyemi posited that, properties lying fallow in the Nation’s capital should also be taxed to add up to the revenue.
Senator Suleiman Abdul Kwari, Kaduna North, while commending some of the ways put by the executive to fund the 2021 budget posited that, some unclaimed dividends running into about 15 trillion naira be used to fund the budget.
Other lawmakers lend their voices on the need to explore ways to generate extra revenue for the economy. And this is what the Finance Bill, 2020 seeks to achieve.
The Finance Bill, 2020, sponsored by Senate Leader, Abdullahi, Yahaya Abubakar (APC, Kebbi North ), was read for the first time on Wednesday 2nd, December, 2020.
The Bill seeks to amend the Capital Gains Tax Act, Companies Income Tax Act; Personal Income Tax Act; Tertiary Education Trust Fund (Establishment) Act; Customs and Excise Tariff, etc (Consolidated) Act; Value Added Tax; Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Act; Oil and Gas Export Free Zone Act; Fiscal Responsibility Act; Companies and Allied Matters Act 2020; and Public Procurement Act; in order to make further provisions in connection with Federal Government Financial Management; Public Revenue and other relevant matters.