Lagos State Governor, Mr. Akinwunmi Ambode has stressed the need for the reinvigoration of the nation’s tax collection machinery with technology to improve revenue generation from taxes.
Speaking in Lagos on Thursday at the Voluntary Asset and Income Declaration Scheme (VAIDS) Interactive session for Executive and Business owners organised by PwC’s Business School, Ambode also advocated the need to make the tax payment process more people friendly as well as ensure application of the law when necessary against non-compliance.
The Governor who was represented by the State Head of Service, Mrs. Olabowale Ademola at the event, noted that it was high time every citizen and all corporate bodies genuinely demonstrated their patriotism and support for the government to implement projects that will turn around the economy for the benefit of everyone.
His words, “There is no doubt about the fact that given all available indices, we can generate much more from taxes than we are currently doing. In addition to the window of opportunity provided for voluntary compliance, which I believe would yield some result; we must re-invigorate our tax collection machinery with technology, make the tax payment process more people friendly and apply the law when necessary against non-compliance.”
He pointed out that the current tax to GDP ratio of 6% is non-sustainable especially against the background of the fact that the nation cannot rely just on borrowing to finance projects.
According to him, “This is the time for every citizen and all corporate bodies to genuinely demonstrate their patriotism and support for the government to implement projects that will turn around the economy for the benefits of everyone.”
Ambode maintained that tax remains a major source of revenue for financing government programmes all over the world particularly in the developed economies.