FG plans new taxes to fund 2019 budget

Posted by Emma Ujah & Sebastine Obasi | 21 December 2018 | 699 times

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• Minister of Finance, Mrs. Zainab Ahmed

Amid revenue shortfall pressures, the Federal Government intends to introduce new taxes in the fiscal year 2019 as part of its efforts to boost revenue.

Briefing the media, yesterday, in Abuja on the 2019 budget, Minister of Finance, Mrs. Zainab Ahmed, said that the current focus of the ministry is on revenue because government has resolved to mobilize more domestic revenue so that it can better fund the budget.

She stated: “As you can see from the performance (of 2018 budget) that there is a gap between what is in the budget and what is actually generated. So we are doing what we can and very soon we will be generating new revenue initiatives which will include a new set of taxes and excise duties but also working with FIRS and Customs to enhance measures for enforcement and also for compliance.

“By doing what we are doing, we might be having to go to the National Assembly to amend some laws that we have identified which have some gaps, some loopholes. We are doing everything we can to make sure our budgets are better funded, going forward, and it will start from 2019.”

Excerpted from a Vanguard report 

Source: News Express

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