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We need to diversify our revenue base through Taxation- Coinmac CEO

Bukola Afeni

The Managing Director of Coinmac International  Inc, Mr Ayo Salam said there is a need for the Nigerian government to diversify its revenue base through taxation.

While adding that the country needs to shift attention from oil to the development of other revenue sources, especially non-oil exports to support Internally Generated Revenue from taxes.

He stated this at the opening of a training workshop on Tax Policy, Fiscal Analysis and Revenue Forecasting for FCT Internal Revenue Service (FCT-IRS) in Abuja.

Salam added “that all tiers of government should diversify its revenue base by seeking alternative means of revenue generation as the dwindling oil revenue is worrisome.

“The institutional framework for tax processing and enforcement must not be questionable to ensure sustainable development through taxation”, he said.

In the same vein, he disclosed that the adoption of a Geographic Information System will provide an opportunity to identify tax defaulters.

“GIS can help them all year long with the myriad of tasks associated with tax filing/assessment.

It can provide an efficient and improved system not only to increase the revenue collection but to monitor the process and identify defaulters. It is important to note that most data collected on taxable locations is all about geography.
An efficient GIS can store accurate information on tax payables and revenue collection which can be monitored visually”, Salam added.

Speaking at the event,  the training Facilitator, Mr Muhammad Sabiu, advised all Nigerians to pay their taxes to boost the economy and bring about national development.

“The global oil market has dwindled and is no longer sustainable. If all Nigerians decide to pay their tax, we will have adequate funding. If we look at countries that are well developed the citizens do not evade tax”, he added.

He said the workshop training aims to educate participants on different areas which they do not know about and to create ideas and knowledge about taxation.

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