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Experts want TSA policy replicated in states, LGs

By on April 26, 2017

Economic and development experts yesterday urged all the three tiers of government to adopt the Treasury Single Account (TSA) and work towards cutting cost while instituting a sustainable tax system across the country.

Speaking at the Daily Trust Treasury Managers’ Workshop in Abuja, a former Vice Chancellor at the Usmanu Danfodiyo University, Sokoto, Professor Aminu Mikailu called on participants to make concerted efforts towards ensuring the TSA was in place at all levels of government.

Prof. Mikailu in his presentation titled, ‘Effective Management of treasury for Improving the Economy’ said both the federal and state governments should “institute a progressive tax system largely targeted at the rich for example through raising the tax rates for plot of lands in urban areas and imported luxury items.”

He also called for more motivation for revenue generating agencies like Customs, and the Federal Inland Revenue Services (FIRS) through payment of special bonuses, training and provision of ICT facilities.

On the Value Added Tax (VAT) Act in existence, he said government must ensure it is strengthened to cover transactions in the informal sector of the economy. “It is crucial to continue to improve the capacity of treasury personnel through training and provision of ICT equipment to support e-transactions,” Prof. Mikailu added.

In another presentation on improving Internally Generated Revenue (IGR), Professor of Accounting at the University of Jos, Mrs Jane Ande said Nigeria is overdue to look beyond expected sources of income through crude oil to unexpected sources of genuine revenue.

Prof. Ande who cited a PWC Nigeria 2016 report on the 2015 budget performance said there was a fiscal deficit of 35 per cent in the federal revenue generation as at September of the year.

While she said it was not necessary to widen the scope of taxable items captured under the VAT Act, she however called for strengthening taxes on luxury items, wrong parking, merriment and road blocking.

Prof. Ande said governments could improve on tax collections and revenue generations by involving the services of consultants, creating sound collection and remittance methods, establishing good internal control, and render timely accounts.

“Corruption is like cancer that kills the host body. It is high time to improve on our IGRs by being efficient and effective on how we collect and manage resources before they dry up or are vandalised beyond salvaging,” she tasked the managers.

 

[Daily Trust]