Speaker calls for efficient tax regime to enhance democracy

[Mirror]

Speaker of the Akwa Ibom State House of Assembly, Mr. Samuel Ikon, has called for an efficient tax regime that would guarantee and advance democracy in the country. Ikon made the call when the President of the Chartered Institute of Taxation of Nigeria (CITN), Mr Mark Dike, called on him in Uyo.

He expressed regrets at the numerous constraints of tax payments in Nigeria, which included the financial burden of actual tax costs through rates and multiple taxes. The speaker also lamented the administrative burden resulting from the inefficiency of regulations and tax authorities in their dealings with tax-payers.

"The effect of this administrative inefficiency is that investors are discouraged, while this also places the Nigerian economy among the most difficult economies in which to pay taxes and in general do business,'' he said.

Ikon called for a centralised tax payment system in the country and advocated for constant training and re-training of tax officers, as well as the re-orientation of tax authorities.

Earlier, Dike observed with dismay the process of passage of the appropriation budget, saying "budgetary estimates were made with no corresponding fiscal plan on the source of financing for the budget."