The Institute of Chartered Accountants of Nigeria, Western Zonal District, says there is an urgent need for the Federal Government to review the nation’s tax administration system for optimal performance.
This was contained in a communiqué issued by the body after its four-day 10th Western Zonal Conference held in Ijebu Ode, Ogun State, with the theme: ‘Roadmap to Nigeria’s economic recovery: The roles of professional accountants.’
ICAN, however, noted that the proposed review of the tax system must be complemented with a reform of the nation’s public financial management system.
It added that government should also recognise that it was not just enough to keep generating revenues for the country without keeping adequate focus on the process of collection and effective utilisation of the revenues for the benefit of society.
The communiqué read in part, “Government at all levels need to properly resource and motivate collection of taxes more efficiently and create the highest level of transparency and accountability in its finances.
“Domination of Federal Government in collecting and disbursing major revenues in Nigeria has been mitigating against revenue mobilisation, hence there is a need for restructuring the revenue allocation formula in order to be consistent with true Federalism.”