In a statement on the event, FIRS said that the regime was part of Nigeria’s commitment to improving transparency in tax administration, increased tax revenue collection, enhanced effectiveness and efficiency service delivery.
If you look at the policies that we have adopted, you will see efforts have been made to reposition the economy," said Ramaphosa.
As a result, he told National Assembly’s Budget and Appropriations Committee, Treasury had decided to cut the target for the current financial year.
The report the first of its kind in Kenya, outlines the tax contribution of the banking sector in forms of taxes borne by the banks such as corporation tax and irrecoverable VAT, and taxes collected as an agent of government such as PAYE, excise duty and
Taxation, being a social contract, is expected to be fulfilled by both parties involved, i.e. citizens pay tax while the Government is seen as using such funds for public good.
The report said the situation has forced developing countries to accumulate foreign exchange reserves, usually in the form of short-term dollar dominated bonds, as a self-insurance to prevent a sudden capital –flow reversal and/or to contain is adve