NewsRMAFC Gives Nod To New Tax Policy

RMAFC Gives Nod To New Tax Policy

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BEVERLY HILLS, February 08, (THEWILL) – The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has endorsed the new National Tax Policy announced recently by the Federal Government.

This was revealed by Ibrahim Mohammed, the commission’s Head of Public Relations, in a statement on Wednesday in Abuja, saying that the new policy would shore up Nigeria’s dwindling revenue base which suffered decline as a result of the shortfall in international oil prices.

He reiterated the commission’s support for the new tax policy initiative and commended the Federal Government’s bold and courageous step on it stressing that globally, taxation was seen as the most stable source of government revenue for economic development.

He said that the upward review of the existing Value Added Tax (VAT) rate on luxury items as contained in the New Tax Policy had buttressed the commission’s position.

“Apart from the upward review of the VAT rate on luxury items, RMAFC also urges the Federal Government to support all monitoring agencies including the RMAFC to enhance collection efficiency,” he said.

“It should also help with leakages in revenue collection and strengthen intelligence gathering mechanisms.”

He said 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 noting that Nigeria’s current VAT rate of five per cent was one of the lowest in the world.

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