Connect with us

economy

FCTA Streamlines Revenue Collection for Economic Development

Published

on

FCTA, Abuja
Share

By Laide Akinboade, Abuja

The Federal Capital Territory Administration (FCTA) and the chairmen of the six area councils in Abuja have announced their collaboration to streamline revenue collection and boost economic development.

A 13-Man FCT Joint Revenue Committee (JRC) was formed and inaugurated to spearhead this strategic initiative after a recent stakeholders retreat in Akure, Ondo State.

Under the chairmanship of Haruna Abdullahi, the committee was officially inaugurated in Abuja by the FCT Minister, Mallam Muhammad Musa Bello.

The minister emphasized the importance of modernizing the tax system in FCT through stakeholder engagement to promote overall economic growth for the people and residents of the territory.

With a clear mandate and terms of reference, the committee has been entrusted with the critical responsibility of organizing tax administration, addressing revenue concerns, and resolving disputes within the system.

Collaboratively, the committee aims to devise strategies for enhanced revenue generation through efficient collection processes, improved compliance, dispute resolution, monitoring, evaluation, and active stakeholder engagement.

Recognizing the significance of the area councils as the center of unity in FCT, the minister stressed the need for close collaboration with the chairmen.

He highlighted the rapid expansion of FCT and the increasing population, making it a vital investment hub.

He also commended the ongoing dialogue between FCTA and the Area Council Chairmen, facilitated by FCT-IRS, in exploring revenue-raising opportunities.

The minister advised the Area Council Chairmen to prioritize the long-term prosperity of FCT over immediate gains, stating, “It is better to have 10% of a very large, prosperous, affluent cake than to have 100% of something that is close to nothing.”

Speaking on behalf of the FCT ALGON Chairman and Kwali Area Council Chairman, Danladi Chiya expressed his commitment to ensuring the success of FCT-IRS.

 He pledged the support of the six Area Councils in making the revenue collection process streamlined and the tax system modernized, heralding a new era of ease of doing business in FCT.

Chairman Haruna Abdullahi, also the Acting Executive Chairman of FCT Internal Revenue Service (FCT-IRS), acknowledged the ongoing efforts in harmonizing revenue collection and modernizing the tax system.

He emphasized the incremental approach to achieve these goals and revealed that the inauguration of the committee formalized their next steps in FCT.

Abdullahi highlighted the integral role of FCT-IRS in driving the process and acknowledged the support of the Area Councils and other stakeholders.

The committee’s establishment, provided for in the FCT-IRS Act, aims to harmonize revenue collection seamlessly in alignment with ease of doing business.

Hon. Lukman Agboola Dabiri, Secretary of Economic Planning, Revenue Generation, and Public-Private Partnership, commended the committee’s inauguration as a significant milestone in the economic development of FCT. Given its unique position as the seat of power and a symbol of national unity, the FCT’s progress will set an example for other states to emulate. Stakeholders from FCT Administration, Area Councils, FCT-IRS, private sector, and civil society organizations have all contributed to this collective effort.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

economy

China plans Increased Imports in 2024

Published

on

Share

China plans to increase imports this year to share the business opportunities arising from its ultra-large market with the world, Commerce Minister Wang Wentao said on Friday.

Wang in a press conference said that China would expand the imports of high-quality consumer goods, advanced technologies, important equipment, key components, energy and other resources, and agricultural products in short supply in the country.

According to him, China will move to diversify import channels and streamline the process of importing.

”The country will continue to host the China Import and Export Fair, the China International Fair for Trade in Services and the China International Import Expo, as well as support Chinese enterprises in attending exhibitions abroad.

”We will further facilitate cross-border trips for businesspeople to create opportunities for face-to-face communication”, he said.

Wang said that in April 2023, the State Council issued a guideline on stabilising the scale of foreign trade and optimising its structure, which had produced positive result.

”While continuing to ensure the implementation of the guideline, the Ministry of Commerce is now considering additional measures in this regard.

“It is also trying to roll them out as soon as possible to complement the existing policies, “Wang added. (Xinhua/NAN)

Continue Reading

economy

FCT-IRS to Deploy Artificial Intelligence in Tax Collection, says Ag Chairman

Published

on

Share

The Federal Capital Territory Internal Revenue Service (FCT-IRS) is to deploy artificial intelligence to facilitate voluntary tax compliance in 2024.

The acting Executive Chairman of the service, Mr Haruna Abdullahi, made this known during the FCT-IRS end-of-year media briefing, in Abuja on Wednesday.

Abdullahi added that other technology solutions to be deployed include cloud computing, collaboration tools, business process automation and data analytical tools.

According to him, the goal is to improve performance of routine tasks, aimed at encouraging voluntary compliance and ease of doing business.

He explained that from inception, the emphasis has been on driving the Service using technology, adding that the Service has invested in modern working tools such as hardware and software.

“The Service will further employ the use of technology to enhance operations mainly in compliance, enforcement.

“We will also seek to consolidate the culture of transparency and accountability in order to build trust and cooperation between the service and the taxpayers.

“The processes of registration, payment, receipt, assessment, Tax Clearance Certificate (TCC) issuance, filing of returns, TCC verification, and generation of withholding tax credit notes have all been automated.

“Also, to encourage voluntary compliance and to allow taxpayers perform their tax obligations at the comfort of their homes or offices, the FCT-IRS introduced a Self-Service portal, www.fctirs.gov.ng.

“This enables taxpayers to request for Taxpayer Identification Number (TIN), file annual returns, make payment and request for TCC,” he said.

The acting chairman added that the Service would, in accordance with the tax laws, apply a penalty for non-filing of annual returns by January 31 of every year for employers and March 31 of every year for individuals.

According to him, part of the effort is to ensure compliance with filing of returns.

He added that a comprehensive reassessment of returns would be intensified, which would be followed by constant monitoring and compliance exercises.

He also said that to comply with the ease of doing business initiative, the Service would open more tax offices across the six Area Councils in FCT and at strategic locations.

This, he said, would ensure convenience of the taxpayers and further streamline services, making the tax offices accessible to a broader population and contributing to overall organisational growth.

“Additionally, a state of the art headquarters will be constructed, not only to provide for coordination of operations but also reflect our commitment to excellence.

“To attract and retain young talents, the Service will embark on providing targeted training programmes towards ensuring employees stay updated with industry trends.

“We will also be providing staff with modern working tools to foster efficiency and innovation,” he said.

Abdullahi disclosed that from January 2024, the Service would embark on intensive enforcement exercise in line with the provisions of extant laws.

He added that the Service would not only hesitate to prosecute tax offenders through the instrumentality of the law but would ensure that all tax due to FCT were recovered. (NAN)

Continue Reading

COVER

Strike: FG Okays 30 Days Implementation of MoU with Labour

Published

on

Share

The Federal Executive Council, FEC, on Wednesday approved a 30 day implementation plan for the Memorandum of Understanding, MoU between the Federal Government and the Organized Labour.

The government also is taking a decision against any external interference in unions activities by external bodies.

This is as the Minister of Labour and Employment, Simon Lalong alongside the Minister of State, Nkeiruka Onyejeocha have met with the factional leaderships of the National Union of Road Transport Workers, NURTW.

Briefing State House correspondents at the end of the Federal Executive Council, FEC, presided over by President Bola Tinubu, at the Council Chamber, Presidential Villa, Abuja, Lalong said a Memorandum was presented to the council on the implementation of the agreement with labour.

He said, “We presented a memo from the Federal Ministry of Labour and Employment and the memo was basically on the agreement between government and the labour. You are already aware that 15 items are parts of the agreement.

“But we went beyond mere agreement, we told them that something different this time is happening because one, part of the agreement is to file it in the court of law which we have set the process already.

“And the other one was the presidential approval. There cannot be any presidential approval more than the Federal Executive Council. So we presented them to the Federal Executive Council. We analyzed each and every aspect of the agreement and to show the genuineness and also provide for harmonious and good industrial relationship and that was why it was presented and it was approved for implementation.

“It was agreed that within 30 days, there must be evidence of implementation and that was the basis of presenting to the Federal Executive Council the memo and the Federal Executive Council also approved it and within this 30 days, we will go on with the implementation of the agreement between labour and government.”

Fielding on the item six of the MoU which was the government alleged interference in the activities of the democratically elected leadership of the National Union of Road Transport Workers, NURTW and the mandate to him (Lalong) to resolve the crisis in the union on or before October 13, the Minister said he had already met with the various factions

He said, “Item six in the MoU is about interference specifically with issues that were about road transport workers. Immediately the next day, we embarked on meetings between the two organisations.

“As of today, they have already reached out and have concluded that of Road Transport Employers Association of Nigeria, RTEAN, today they are making a report to the ministry about their agreement because they went into agreement too and we are also going to get back to their parent association.

“The next one is the NURTW. Last week we were with them. Of course if some of you were there, you knew why we postponed it, I reminded them that we are keeping to the date of the agreement but they said they cannot strictly keep to the date because it is very important to them that we realized the aim. So we shifted the meeting till tomorrow. Today, we are going to get the report, by tomorrow we will fix a meeting.

“The reason why we presented these items to the Federal Executive Council is for them to note and approve that after these things we will not want to be tolerating interference into union activities.”But those that are pending are within the Federal Ministry of Labour and Employment. Our own is to dispense with conflicts and we are going to continue to do that and these two items we have mentioned, were really the particular things they hammered on when we met. By God’s grace in the next few days, those ones are going to be sorted out.”

Continue Reading

Read Our ePaper

Top Stories

NEWS2 days ago

SEC Warns Nigerians Against Investing in $Davido Meme Coins 

Share The Securities and Exchange Commission, Nigeria (SEC) on Friday warned Nigerians against investing in Meme Coins, known as “$Davido”,...

NEWS2 days ago

Nigeria Deploys Troops for Peace Keeping in Gambia

ShareThe Armed Forces of Nigeria on Friday, announced the deployment of 197 personnel for the peace keeping mission in the...

Foreign News2 days ago

Putin Demands Ukrainian Troop Withdrawal in Exchange for Peace

Share Russian President Vladimir Putin on Friday said the withdrawal of Ukrainian troops from the territories annexed by his country...

Education2 days ago

NUC Accredits 43 Programmes at Federal University, Kashere

ShareThe National Universities Commission (NUC) has fully accredited 43 academic programmes at the Federal University Kashere (FUK) in Gombe State....

NEWS2 days ago

FG Declares 17, 18, Public Holiday to Mark Eidel-Kabir Celebration

Share The Federal Government has declared Monday 17 and Tuesday 18, as public holidays to mark this year’s Eid-el-Kabir celebration....

JUDICIARY2 days ago

Man, 24, Jailed 6 Months for allegedly Stealing Canned Beer, Drinks

Share An Abeokuta Magistrates’ Court on Friday sentenced a 24-year-old man, Wisdom Emmanuel, to six months imprisonment for stealing canned...

POLITICS2 days ago

From the Senate Prism, a Year after Inauguration

ShareBy Eze Okechukwu, Abuja The 10th National Assembly precisely turned one two days ago. Its first anniversary was almost coincident...

JUDICIARY2 days ago

Emirship tussle: Court rule against Kano govt, others challenging jurisdiction

ShareThe Federal High Court sitting in Kano has on Thursday, ruled against Kano State government and others challenging the jurisdiction...

NEWS2 days ago

NSCDC Uncovers Illegal Bunkering Sites in Rivers Cemeteries

ShareThe Nigeria Security and Civil Defence Corps has busted illegal crude oil refining sites at cemeteries in Abalama and Oproama...

Business News2 days ago

Blue Economy Targets Top Spot in PEBEC – Oyetola

ShareFrom Anthony Nwachukwu, Lagos Mindful of the sector’s critical role in economic diversification and sustainable development, the Ministry of Marine...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc