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Tax: Kaduna Eliminates Pilferages, Emerges 5th in IGR Collection – Official

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The Executive Chairman of the Kaduna State Internal Revenue Service (KADIRS), Mr Jerry Adams, says they have eliminated all tax leakages and corrupt practices, where the state emerges fifth in IGR collection in Nigeria.

Adams said this on Saturday in Kaduna at the Chartered Institute of Taxation of Nigeria (CITN) Kaduna & District Society’s 2023
Annual Tax Week dinner.

The theme of the week was: “Taxation: A Panacea to Economic Growth and Development”.

Adams, represented by Alhaji Ibrahim Galadima, said that KADIRS had enthroned an exemplary record in the collection of taxes.

He said, “Apparently, all our processes are automated and payments can be made online without any hassle.

”Our unprecedented revenue efforts in the past years have yielded positive outcomes and made us became the cynosure of all eyes of states in recent years.”

According to him, taxation is the most elastic and dependable source of government revenue.

Adams added that in the contemporary period, taxes were not limited to the quantum of money collected but used for the purposes of the growth and development of the national economy.

The executive chairman said that taxation was now an instrument of fiscal policy used to accelerate economic growth through the functions of allocation of resources.

It is also used for income redistribution through poverty eradication and provision of public goods like education, health and infrastructure and stabilisation.

Adams commended the immediate past administration of the state  for laying the groundwork and the present administration for consolidating and building on those gains which made Kaduna stand out in the IGR collection.

He also commended the selfless and relentless efforts of the members of staff of KADIRS in the performance of their official duties.

Earlier, the Auditor General of Kaduna State, Mr Abubakar Abdullahi, said taxation was not just about collecting revenue.

He said, ”It is about creating an enabling environment for businesses to thrive, attracting investments, and providing equal public services to citizens.

“It is through effective tax policies and administration that we can bridge the gap between economic development and social welfare, ensuring that prosperity is shared by all.”

Abdullahi advocated dynamism of the tax system, adding that it would keep pace with the changing economic and technological landscape.

“We must strive for simplicity, transparency, and fairness in our tax policies, minimising the burden on taxpayers while maximising revenue for national development.

”To achieve this, collaboration and cooperation between the Government, tax professionals, and taxpayers are paramount.

“By working together, we can create a tax system that encourages voluntary compliance, reduces tax evasion, and fosters a culture of tax payment as a civic duty,”he said .

Abdullahi acknowledged the hard work and dedication of tax professionals who tirelessly navigate the complexities of tax laws, advising individuals and businesses.

According to him, they are also contributing to the growth of the country and ensuring compliance with tax regulations.

Also speaking, the Kaduna District Chairman of the CITN, Mr Dalhatu Abdulazeez, said taxation played a significant role in the development and progress of the country.

According to him, taxation is not merely a means of revenue generation for the government, but a mechanism that fosters socio-economic growth, promotes good governance, and ensures a more equitable distribution of resources.

Abdulazeez said that CITN has been at the forefront of promoting professionalism, knowledge, and expertise in the field of taxation.

“As the premier professional body for tax practitioners in Nigeria, the Institute has been instrumental in shaping tax policies, providing guidance to professionals, and upholding the highest ethical standards in the practice of taxation,”he said.

Abdulazeez said that the event brought together professionals, experts and stakeholders in the field of taxation to celebrate the achievements, advancements and challenges faced in the realm of taxation in the country.

He also said the annual tax week featured visitation to orphanage homes, sport competitions and meaningful interactions with past chairmen of the CITN.

Abdulazeez thanked their sponsors and partners for their support, and members of the district for their dedication and hard work.

The News Agency of Nigeria (NAN) reports that the high point of the event was the presentation of awards to individuals who contributed to the development of CITN in Kaduna.

Those awarded were the Chairman of KADIRS, the Commissioner, Planning and Budget Commission, Hajiya Amina Etsu, Mr Abdulkadir Kayode, Mr Rahmon Obafunso and Mr Theophilus Ashaolu, among others. (NAN)

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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