Osinbajo blames poor revenue on leakage, corruption in the tax system.

19 May Osinbajo blames poor revenue on leakage, corruption in the tax system.

Vice President Yemi Osinbajo has blamed Nigeria’s poor revenue generation on leakage and corruption in the tax system and therefore called for the digitalization of Nigeria’s economy towards placing it among the top-ranked economies in the world.

Osinbanjo who was represented by the Executive Chairman of Federal Inland Revenue Service, FIRS, Muhammed NAMI, stated this during the 24th Annual Tax Conference on ‘Global Disruption, Taxation and Digitalisation: Implications For Socio-Economic Development, in Abuja, yesterday.

He noted that issues concerning insecurity, crimes and all other criminalities can only be tackled if there is adequate revenue in the hands of the government.

He called on the Chartered Institute of Taxation of Nigeria, CITN, and other well-meaning Nigerians to comply with extant tax rules.

He said: “Nigeria’s economy is fast, digitalizing. The digitalization of Nigeria’s economy means that the way and manners of organising and doing businesses have changed.

“Indeed the radical changes brought about by digitalization have displaced the traditional approach to tax administration. Consequently, the digitalization of tax administration is unavoidable. That is why our government has continued to heavily invest in the automation of tax administrative processes and digital infrastructure.

“To provide an enabling environment for the digitalised tax administration, the government has been making necessary tax policy change, developing rules for translation of the digital economy, enacted required legislation and also provided political backing for the team negotiating the new International tax rule for the digitalized