Partnering Agency: Nigeria Governors Forum
This initiative has as its primary objective the constructive engagement of the State Chief Executive’s of twelve selected States currently constrained in optimizing their revenue administration capacity. It aims to correct the stereotypical role of revenue administration by espousing the need to adopt and implement certain key initiatives to drive reforms in the revenue administration framework for growth and sustainability. These reforms are expected to directly impact enhanced and sustained growth in revenue generation and ultimately act as the catalyst for economic re-generation.
The initiative is also expected to showcase the outcome of diagnostic research carried out on the State and identify potentials and existing opportunities for enhanced revenue generation. Drawing from the experience of sister States, suggestions and recommendations are proffered which are expected to yield the desired growth in State IGR.
Partnering Agency: National Bureau of Statistics
Status: Yet to commence
Tax information is a key factor in tax administration, and the extent to which such information is managed is a critical determinant to enhanced revenue generation. This exercise is aimed at ensuring the proper management and utilization of tax information for purposes of classification, categorization and reporting of IGR data.
It aims to provide participants with new knowledge regarding the internationally recognized classification of economic activities (ISIC Revision 4), data collection instruments and reporting formats, analytical methods and timelines relevant to the production of tax-related data at sub-national level.
It also aims to impart in the participants’ new values, attitudes and skills that would ensure continuous production of high quality tax information by economic activities to aid policymaking purposes
Partnering Agency: Federal Inland Revenue Service
Status: Yet to commence
This initiative has the objective of building the capacity of personnel of the Tax Audit and Investigation Departments of State Revenue Authorities to be able to execute in-house, standard tax audit assignments independent of external consultants and third party entities.
Tax collection in Nigeria is based on residence. However, the presence of itinerant workers is a reality in the country and there is a high turnover of employee’s mobility, both intra/inter – establishment. This high mobility rate creates a challenge in the tax assessment and collection process, especially in the absence of a reliable central database of taxpayers.
Partnering Agency: NIBSS
The Joint Tax Board is currently collaborating with the Nigerian Inter-bank Settlement System (NIBSS) to exchange BVN and TIN information amongst both organizations. The aim is to grow the tax database by importing and generating TIN numbers for all registered BVN holders and communicating same to the taxpayers.
To this end, tax payers in possession of a BVN would not be required to register for TIN, rather an automatic TIN number will be assigned by JTB to the taxpayer. This project is expected to be completed by the end of this year.
Furthermore, JTB wishes to Leverage NIBSS Shared infrastructure with the Financial Institutions to emplace the use of TIN for tracking financial transactions, account opening, TIN verification etc.
Coming Soon …
The Office of the Vice President in conjunction with the Federal Ministry of Industry, Trade and Investment is holden a Nationwide Micro Small and Medium Enterprises (MSME) Clinic for viable Enterprises with a view to encouraging them to achieve sustainable growth and development.
The Clinic provides opportunity for the MSMEs to showcase their products and businesses as well as enable them to interact with relevant government agencies towards addressing challenges facing the sector for efficiency.
Micro Small & Medium Enterprise (MSME) is the program of the Federal Government initiated by the Office of the Vice Government in partnership with the Ministry of Industry, Trade and Investment to assist enterprises in overcoming some of the challenges affecting their growth.
In view of available statistics, the Government of Nigeria has found it imperative to initiate programs such as this to help re-position MSMEs so as to drive inclusive economic growth, regional development, employment generation and poverty reduction as well as promote broad based equitable development to provide more opportunities for youth participation in the economic development of the country.
Challenges Facing Micro, Small and Medium Enterprises (MSMEs)
According to various studies and opinions, there are a wide range of issues affecting performance and growth of MSMEs in Nigeria, and a few of them include;
- Access to Finances
- High interest rates
- Poor infrastructures
- Inconsistency in Government Policies
- Multiple Taxation
- Poor Technology
- Access to Market
- Poor Technical and Management Capacity of Entrepreneurs
- Poor Book Keeping Skills and Basic Financial Knowledge
- Information Nature of most MSMEs
As a way of bridging the information gap and encouraging MSMEs to be more efficient and capable of competing at the International level, series of Clinics were organized by government around the country where various Ministries, Departments and Agencies of Government like Joint Tax Board, Federal Inland Revenue Service (FIRS), Corporate Affair Commission (CAC), SMEDAN, BOA, BOI, SON, NAFDAC, NIPC, NEPC, NITDA, CUSTOMs, NIRSAL, ITF and others were available to take enquiries and solve real time problems facing MSME operators in the country.
The principal objectives of the MSME Clinics is;
- To bring all relevant stakeholders and business operators together to discuss issues affecting setup and operations of MSMEs in Nigeria
- For Government and other stakeholders to share and provide information on all policies and programs of that have been initiated in the country to encourage activities of MSMEs.
- To raise awareness and promotion for goods and services produced by MSMEs operating in Nigeria.
The Federal Inland Revenue Service (FIRS) together with Joint Tax Board and State Boards of Internal Revenue (SBIRs) are working together in all the clinics to provide information and educate taxpayers on the issues of multiple taxation, TIN registration and taxes collectible by each tier of government as contained in the Taxes and Levies (Approved list for collection) Amendment, Act, 2015.
The Clinic has recorded success with partners and government agencies providing accessible services to business operators during the forum.
The Clinic, which will be held in the 21 cities across all Geo-political Zone of the federation was very successful in Abia, Kwara, Sokoto, Plateau, Katsina, Cross River,Osun, Akwa-Ibom, Ogun, FCT, , Ebonyi, Kogi, Kano, Bauchi,Edo, Ondo, Oyo and Lagos State.
The Acting President Professor, Yemi Osinbajo, during the clinics reiterated that the Federal Government is mindful of the challenges faced by the Micro, Small and Medium Enterprises and encouraged them to take up this opportunity to improve their businesses for the economic sustainability and growth of the country. He informed them that government will select twenty (20) innovative businesses in each State for support in the area of awareness and finance.
Highlights of the Clinics include inspection of various business exhibition stands, interaction with the exhibitors and cultural dances.