November 22, 2024
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The Federal Government has emphasized the significance of tax revenue as the primary income source for the federation, highlighting its pivotal role in funding government operations and initiatives. This declaration was made by the Accountant-General of the Federation, Oluwatoyin Madein, during the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja.

In her address, Madein underscored the increasing reliance on tax revenue, noting that it now surpasses other sources of income for the federation. She highlighted the importance of timely and accurate tax collection, emphasizing its role in facilitating the equitable distribution of funds among the three tiers of government.

The Federal Inland Revenue Service (FIRS) was lauded for its exceptional performance in surpassing revenue targets, exceeding expectations by N816 billion in 2023. This achievement further emphasizes the crucial role of tax revenue in sustaining government operations and fulfilling development objectives.

Madein urged tax practitioners to redouble their efforts in tax collection, emphasizing its pivotal role in funding infrastructure development and other essential services. She emphasized the need for collaboration between government agencies and tax professionals to enhance tax compliance and revenue generation.

President Bola Tinubu’s directive to halt the implementation of the cybersecurity levy, following concerns raised by stakeholders, was also highlighted during the conference. The move reflects the government’s responsiveness to public feedback and its commitment to ensuring equitable policies.

In conclusion, the conference reiterated the importance of building a sustainable tax culture in Nigeria, emphasizing the need for transparency, professionalism, and judicious use of tax revenue to foster trust between government and taxpayers.

515 thoughts on “Tax Emerges as Primary Revenue Source for Federation – FG”

  3. This article was a fantastic read! I appreciate the depth of information and the clear, concise way it was presented. It’s evident that a lot of research and expertise went into crafting this post, and it really shines through in the quality of the content. I particularly found the first and last sections to be incredibly insightful. It sparked a few thoughts and questions I’d love to explore further. Could you elaborate more on next time? Also, if you have any recommended resources for further reading on this topic, I’d be grateful. Thanks for sharing your knowledge and contributing to a deeper understanding of this subject! I dedicated time to make a comment on this post immidiately after reading it, keep up the good work and i will be checking back again for more update. i appreciate the effort to write such a fantastic piece.

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  4. This article was a fantastic read! I appreciate the depth of information and the clear, concise way it was presented. It’s evident that a lot of research and expertise went into crafting this post, and it really shines through in the quality of the content. I particularly found the first and last sections to be incredibly insightful. It sparked a few thoughts and questions I’d love to explore further. Could you elaborate more on next time? Also, if you have any recommended resources for further reading on this topic, I’d be grateful. Thanks for sharing your knowledge and contributing to a deeper understanding of this subject! I dedicated time to make a comment on this post immidiately after reading it, keep up the good work and i will be checking back again for more update. i appreciate the effort to write such a fantastic piece.

    Reply

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