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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Friday, July 02 2004   news   editorial/opinion   politics & people   focus/record   business   sports   metro   capital market   weekend   golf weekly   Guardian Chat Click to join the chatroom VAT fetches N440 billion in 10 years From Jane Ezereonwu, Abuja IN 10 years, Nigeria has garnered N440 billion as revenue from the Value Added Tax (VAT). The amount, according to the Finance Minister, Ngozi Okonjo-Iweala was far from the projected revenue from the high profile fiscal policy. Okonjo-Iweala, who disclosed this figure on Abuja yesterday at the swearing-in ceremony of members of the VAT Tribunal, stated that Nigeria had the lowest VAT rates in the world. Said she: "An average of about 15 per cent recorded as yearly VAT revenue generation increase in the last three years is not good enough. "The N440 billion realised as revenue from the tax source in 10 years of operation up to December 31, 2003 is equally not satisfactory enough, more so when one realises that VAT is a system in which high revenue-yielding potentials abound." The minister noted that the national average collection of N40 billion is very far from the expected revenue, adding that "all we need to do is to brace up with all the zeal and wits to be able to meet the challenges ahead." She decried a situation where VAT revenue was not collected and even when received, the amount were not remitted by the officials involved. "In fact, as many as 14 different offences both criminal and civil are identified by the Value Added Tax Decree (now Act) No 102 of 1993. None of them should be allowed to be committed with impunity", she warned The minister also warned the Federal Inland Revenue Service (FIRS) against using the tribunal to witch-hunt taxpayers. The tribunal, which was reduced from eight to three are located at Ibadan, Enugu and Kaduna. They are headed by Justice Adekunle Ajayi, Mr. Paul Belabo and Mr. Abraham Yisa. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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