The Chairman of the Joint Tax Board (JTB), Mr Mohammed Nami, has tasked revenue authorities in the 36 states and the Federal Capital Territory (FCT) to step up in generating more revenue for their respective states.
Nami, who said this at the 148th meeting of the JTB in Abuja on Thursday, noted that with the Gross Domestic Products (GDP) growth profile of the country looking good again, the tax authorities must ride on the wave of economic prosperity and take advantage of the opportunities that present themselves.
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“I want to also emphasise that the responsibility for generating revenue for the state and the nation is a unique opportunity, and call to national service. While heeding this call, one must be selfless, above board, and have national interest above all other interests at heart,” Nami said.
Nami, who is also the Chairman of the Federal Inland Revenue Service (FIRS), urged the participants to chart a positive, inclusive, and sustainable future for revenue administration for Nigeria.
Presenting his paper, a tax expert, Mr. Albert Folorunsho, advocated the review and overhauling of the Stamp Duty Act to meet the current realities in the country.
He noted that the act was enacted in 1939 but since then, no major amendments have taken place, adding that only slight amendments were made in the Finance Act 2019 and 2020.
Folorunsho said if the stamp duty was reviewed, it would address the challenges of emerging transactions and restrict the dutiable instruments to land and security transactions.
