Asaba—The economic development and sustainability of any country depends largely on its Internally Generated Revenue, IGR, through effective taxation and tax compliance by its citizens, said President, Institute of Chartered Accountants of Nigeria, Alhaji Kabir Mohammed.
Chairman, Delta State Board of Internal Revenue, Mr. Joel Thomas, and former Economic Commissioner in the state, Chief Clement Ofuani also shared his view.
Speaking in Asaba, Delta State at a lecture titled “Delta State Beyond Oil: Taxation as a catalyst for the Socio-Economic Development of Delta State,” as part of activities to mark the second anniversary of the 5th Assembly of the Delta State House of Assembly, the trio insisted that to achieve sustainable economic development in the state, there was need for adequate taxation to be in place beyond oil revenues.
Mohammed said: “As Delta State takes strategic view of its future and particularly its growth and development prospects beyond oil, the place of IGR through tax and diversification to tourism and agriculture cannot be over-emphasised.”
The ICAN President commended officials of the state board of internal revenue for raising the state’s IGR from its former N1.2 billion in 2009 to its current position of N5.74 billion as at January this year.
He noted, however, that the present status of the state IGR was still not substantial, given its economic growth and development prospects, adding that taxation, if properly harnessed, should provide alternative funding for the state economy.
>>>Vanguard
Chairman, Delta State Board of Internal Revenue, Mr. Joel Thomas, and former Economic Commissioner in the state, Chief Clement Ofuani also shared his view.
Speaking in Asaba, Delta State at a lecture titled “Delta State Beyond Oil: Taxation as a catalyst for the Socio-Economic Development of Delta State,” as part of activities to mark the second anniversary of the 5th Assembly of the Delta State House of Assembly, the trio insisted that to achieve sustainable economic development in the state, there was need for adequate taxation to be in place beyond oil revenues.
Mohammed said: “As Delta State takes strategic view of its future and particularly its growth and development prospects beyond oil, the place of IGR through tax and diversification to tourism and agriculture cannot be over-emphasised.”
The ICAN President commended officials of the state board of internal revenue for raising the state’s IGR from its former N1.2 billion in 2009 to its current position of N5.74 billion as at January this year.
He noted, however, that the present status of the state IGR was still not substantial, given its economic growth and development prospects, adding that taxation, if properly harnessed, should provide alternative funding for the state economy.
>>>Vanguard
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