Home Trending Gov Akeredolu Emphasizes need to Generate Ideas on Sustainable Tax System
Trending - October 21, 2021

Gov Akeredolu Emphasizes need to Generate Ideas on Sustainable Tax System

Ondo State Governor, Arakunrin Oluwarotimi Akeredolu SAN on Monday emphasized the need to developed strategies that could enhanced the Internally Generated Revenue ( IGR ) of the country following the ongoing downturn of revenue from oil sector and the subsequent reduction of allocations from the Federation Account to States.

He said there is the need for continuous safety and sound Tax system.

Akeredolu stated this in an address read on his behalf by his Deputy, Hon Lucky Aiyedatiwa while declaring open the 9th Southwest, Chartered Institute of Taxation of Nigeria ( CITN ) Conference tagged ; “AKURE 2021” .

The theme of the two-day conference is, “Taxation as A Sustainable Nation Builder” , holding in Akure, Ondo State.

The Governor noted that, discussions had increased around issue of Value Added Tax ( VAT ), of which, “the outcome will strengthen our democracy and fiscal Federation which has become a pillar for a sustainable development of the various States in Nigeria” .

He pointed out that from all indications, revenue remains the bedrock of economic, social and political development of any Country.

“Hence, your patriotic and commitment to find a way of making Taxation as a sustainable source of revenue is highly welcome and commendable” , he said.

According to him, “every attempt to look inwards for sources of revenue by the country is a step in the right direction” .

“This will break the syndrome of over-dependence on petro-naira that has subjected our fortunes as a Country to the vagaries of oil prices in the World market” .

“We must therefore find ways to reduce our dependence on revenue from the oil sector” .

The Governor further disclosed that, “since the inception of our Administration, a lot has been done to reposition and strengthen relevant agencies of Government responsible for IGR especially, the State Internal Revenue Service for better performance” .

“Part of the Government steps to reposition our IGR drive was to grant the agency full autonomy which has been yielding positive results as it is reflecting in the IGR chart from #8 Billion in 2015 before our Administration to #10 Billion in 2017, #24 Billion in 2018, #30 Billion in 2019 and #24 Billion in 2020” .

” The decline recorded in 2020 was as a result of COVID-19 pandemic” .

“However, the 2020 performance was rated as one among the best in the Country as reported by the Joint Tax Board ( JTB ) and National Bureau of Statistics ( NBS )” , explained the Governor. In attendance are, Ondo State Commissioner of Finance, Hon Wale Akinterinwa, representative of Ondo State Chief Justice, Justice Olusegun Odusola, the 15th President and Chairman of CITN, Mr Adesina Adedayo who was represented by his vice, Samuel Adeloye, CITN Southwest Zonal Chairman, Alhaji Adeola Agbogunleri, Ondo State Accountant General, Mrs Oluwatoyin Oni, Executive Chairman, ODIRS, Mr Tolu Adegbie, Chairman, CITN Akure District, Mr Aderemi Stephen Eniafe, S/A To Governor on New Media, Ladi Okunniga and other dignitaries.

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