By Modupe Gbadeyanka
The new National Tax Policy recently announced by the Federal Government has been approved by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
The new tax policy was created to shore up Nigeria’s dwindling revenue base which suffered decline as a result of the shortfall in international oil prices and activities of militant and vandals in the Niger Delta.
Spokesman of the agency, Mr Ibrahim Mohammed, in a statement, disclosed that RMAFC welcomed the idea of raising the existing Value Added Tax (VAT) on luxury items.
He said the Commission reiterated its support for initiatives such as the newly introduced revised tax policy which would go a long way in boosting the nation’s revenue base for sustainable national development.
The agency applauded the bold step taken by the Federal Government to get the country out of recession and urged the government to support all monitoring agencies including the RMAFC to enhance collection efficiency, block leakages in revenue collection and strengthen intelligence gathering mechanisms so as to free more funds for governments to expand the economy, ensure rapid economic development and create employment.
