Speaker of the House of Representatives, Tajudeen Abbassays the chamber has resolved to end economic sabotage and ensure transparency, accountability and fairness in the country’s tax system.
Abbas said this at the inauguration of the ad hoc committee investigating allegations of abuse of tax incentives, exemptions and tax exemptions by institutions and companies that benefit from tax incentives in Abuja on Thursday.
He said: “The purpose of this investigation is to end all forms of economic sabotage and ensure transparency, accountability and fairness in our tax system.
He called on all relevant stakeholders, including government agencies, public institutions and companies that benefit from tax breaks, to fully cooperate with the committee’s investigation.
According to him, it is about the Chamber having a complete knowledge of the tax system in order to be able to take the appropriate legislative measures.
He said the committee’s mandate was to examine the extent of alleged abuse by public institutions and organizations.
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He added that the committee would review relevant legislation, policies and regulations governing these incentives to identify any loopholes or weaknesses that might have contributed to the alleged abuse.
He said witnesses should be called, documents requested and hearings held as necessary.
In response, Makki Yalleman, chairman of the committee, said the investigation became a necessary sequel to tax abuses committed by institutions and organizations, among others.
According to him, taxes allow the government to raise the necessary funds for development.
He added that the government often resorted to loans that had consequences for national development.
He said that the abuse of tax incentives by the supposed beneficiaries and the statutory institutions meant to regulate the tax regime could push the government into fiscal restraint.
He said tax incentives were often given to encourage companies to stay well and be strong enough to contribute to the economy, adding that their abuse created distortions in the management of fiscal and monetary policy.
According to him, as Nigeria experiences declining oil revenues and public debt approaches prohibitive levels amid allegations of abuse of tax incentives, it is necessary to know the extent of tax incentives.
He said that it was imperative to know the possible existence of abuses to allow an adequate administration of tax exemptions, exemptions and incentives.
(YAYA)
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Let hear it in the comment below if you do have an opinion on this; Representatives will end economic sabotage and ensure transparency in the tax system – Spokesperson