NewsExpress banner Firstbank Verve banner Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

Revenue Commission endorses New National Tax Policy

By News Express on 09/02/2017

Gmail icon

Views: 1,745

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has endorsed the new National Tax Policy recently announced by the Federal Government to shore up Nigeria’s dwindling revenue base which suffered decline as a result of the shortfall in international oil prices and activities of militant and vandals in the Niger Delta.

It would be recalled that Shettima Umar Abba Gana, Acting Chairman of RMAFC, had in July 2016, canvassed for the upward review of value added tax from 5 per cent to about 7.5 per cent in order to improve the country's revenue base.

The Acting Chairman who presented a Paper titled “Expanding Nigeria’s Revenue Base: Strategies and New Sources” at a 2-Day National Revenue Retreat (NRR) organised by the federal Ministry of Finance in Kano observed that VAT was a high tax revenue yielding instrument that could be used to shore-up revenue required for financing the ever-expanding public expenditure needs of all tiers of government adding that Nigeria’s current VAT rate of five per cent was one of the lowest in the world.

RMAFC in a press statement issued on Wednesday in Abuja and signed its Spokesperson, Mr. Ibrahim Mohammed, reiterated its support for initiatives such as the newly introduced revised tax policy which would go a long way in boosting the nation’s revenue base for sustainable national development.

Commending the FGN bold and courageous step, the Commission further asserts that since globally, taxation was seen as the most stable source of government revenue for economic development, the upward review of the existing Value Added Tax (VAT) rate on luxury items, as contained in the New Tax Policy has buttressed its position.

Apart from the upward review of the VAT rate on luxury items, RMAFC also urged the Federal Government to support all monitoring Agencies including the RMAFC to enhance collection efficiency, block leakages in revenue collection and strengthen intelligence gathering mechanisms so as to free more funds for governments to expand the economy, ensure rapid economic development and create employment.

Source News Express

Posted 09/02/2017 05:18:09 AM





You may also like...
Trump declares Venezuelan President illegitimate, recognises opposition leader...

Igbo deserve Presidency — Oyegun

Court bars CCT Chairman from trial of ex-Customs...

Ada Ndigbo invites entries for 2019 pageant

Dogara breaks jinx, shows might in Bauchi

Parties kick as INEC announces Edo governorship election...


Buhari rules out talks with aggrieved nPDP leaders...

Zuckerberg, wife declare war on diseases worldwide, vote...

MTN’s share price crashes to six-year low over...

NAFDAC impounds fake, substandard goods worth N2.7m at...

Buhari’s appointments revisited


Latest News BREAKING: Blow to Oshiomhole as IGP orders suspension of Edo APC Mega Rally 4 Nigerians, 11 others charged in US for $18m fraud scheme Tension in Edo over APC mega rally •Angry youths shake Benin City, set bonfires NUJ declares support for Punch Editorial on Buhari Yes, Wike has conquered River State, but there is hope — Tone Princewill 14.3m Nigerians addicted to drugs, says health minister 45 doctors dump Anambra Teaching Hospital Nigerian bags 3rd highest national British honour The military that conquered Nigeria in 1966 still in effective control – Opadokun Army says video on soldiers killing work of IPOB Six people killed in Rivers community – Police Two INEC staff bag 21 years each for collecting bribe


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (571,635 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (456,517 views) Shameless Genevieve Nnaji exposes breasts in public (406,460 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (341,460 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (307,802 views) 10 cars more expensive than Jets (292,151 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (261,287 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (260,369 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (241,808 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (228,333 views) Lagos plane crash: Journalist releases victims’ names (203,996 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (200,371 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (112) Business & Economy (4,620) Business Verdict (89) Columnists (1,157) Complaints & Requests (98) Enterprise & Opportunities (221) Entertainment (718) Features (855) Global Business Monitor (498) ICT Monitor (73) International (4,321) Interview (219) Live Commentary (30) Love Matters (178) Maggie's Blog (514) News (55,167) Opinion (1,440) Pidgin (18) Politics (11,882) Religion (1,133) Sports (2,255) Stock Watch (41) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera