Nigeria Finds New way of Increasing Tax Revenue
Different government officials have suggested new taxes on luxury goods
Minister of Finance, Zainab Ahmed, told lawmakers on Wednesday that the federal government has concluded plans to increase revenue by introducing new taxes.
The minister said the federal government has devised a new revenue initiative to increase revenue to fund the 2019 budget. She appealed for the support of the National Assembly, adding that the initiative is segregated into three thematic areas.
She said the first area is sustainability in revenue generation. The focus of this is for us to build a sustainable revenue generation ecosystem by ensuring resilience and applying automising revenue streams, applying the right incentives, the right safeguards as well as ensuring accountability and performance management systems.
According to her, the second thematic area is to identify new revenues streams and make sure that these are enhanced. Nigeria plans to grow revenue by collecting new taxes, modulling the tax base and enabling strategic investment that will spur economic growth. Different government officials have suggested new taxes on luxury goods like alcoholic beverages, as well as increase in the Value Added Tax.