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By: Manoah Kikekon
The Association of Concerned Citizens of Nigeria on Revenue and Economy, ACCNRE, has stated that good tax administration is the most important approach to maintaining the naira's value.
Orji Philip Orji, Founder of ACCNRE and Tax Analyst, stated this during a press event with journalists on Friday in Abuja, titled "Save the Nigeria Children Tax Transparency and Accountability Initiative".
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He stated that the establishment of the Independent Revenue Inspectorate Agency of Nigeria, I-RIAN, will generate over 40 billion US dollars per year, which is more than 50 trillion naira in the current dollar rate, and will enable Nigeria to integrate into the Organisation for Economic Cooperation and Development (OECD) and UNDP Tax Inspectors Without Borders (TIWB) automatic information sharing against illicit financial flows, transfer pricing, base erosion, and all manner of international
He stated that the I-RIAN proposed bill, the National Tax Crime and Oversight Commission, NTCOC, which has passed second reading in the 10th Assembly, House of Representatives, will address Nigeria's current economic difficulties.
The bill aims to improve economic efficiency and effectiveness in administering the national tax system, detect and deter fraud, waste, and abuse in taxation programmes and operations, and defend taxpayer rights.
Philip stated that the establishment of the I-RIAN would produce results within 24 months.
He encouraged the federal government to set up the agency to stimulate economic growth.
He stated, "The benefits of establishing a revenue inspection agency in any country cannot be overstated.
"Nigeria lacks the necessary IT to tax multinational enterprises and international citizens (Nigerians who own organisations and businesses abroad); international taxes alone will provide Nigeria with over 40 billion US dollars, or more than 50 trillion naira per year at the current dollar rate.
"Domestic tactics with the IT modern data Base electronic service delivery on VAT, consumption, property, personal and corporate income taxes will give Nigeria nothing less than 30 trillion naira per annum with low rate and by extension eliminate increments and introduction of new taxes."