- March 29, 2021
- Posted by: Dayo Ige
- Category: Meetings
The Theme of the meeting was “Leveraging Technology Solution for Enhanced Administration of Indirect Taxes.”
The Board deliberated on various issues and adopted the following resolutions:
- The effect of the Coronavirus (Covid-19) pandemic on the revenue profile of national and sub-national revenue generating authorities requires that revenue authorities strengthen their institutional framework, enhance stakeholders’ collaboration, promote customer-centric and data-centric processes in their daily operations as a means of mitigating its effects.
- Revenue authorities should as a matter of priority broaden and increase revenue generation at all levels by harnessing potentials in technology.
- The Joint Tax Board (JTB) shall pursue collaboration and constructive engagement with relevant identity management agencies in the country in a bid to grow the national taxpayer identification number (TIN) database.
- The passage of the Finance Bill 2020 by the National Assembly, and the expected assent by His Excellency, the President of the Federal Republic of Nigeria, will hopefully address issues relating to the administration of the Stamp Duties Act, and as such, revenue authorities, taxpayers, tax practitioners and members of the public are advised to maintain the status-quo pending the signing of the Bill into Law.
- The general public is invited to note that the recent judgment of the Federal High Court Asaba (Appeal No. CA/L/437A/2014 & Suit No. FHC/L/CS/126 2016) on electronic transaction of N50.00 per transaction of sums above N1,000.00, now N10,000.00, was based on a suit that commenced prior to the passage of the Finance Act 2019. This Act laid to rest the legality and authority to charge and collect N50 stamp duty charges on electronic transactions, teller deposits or transfer of monies by Nigerian Banks.
- Joint Tax Board (JTB) to develop a uniform stamping instrument with unique identification codes and features for each State revenue authority, and Federal Inland Revenue Service (FIRS).