The Executive Chairman, Federal Inland Revenue Services Mr William Babatunde Fowler while delivering a lecture at the National Defence College Abuja, emphasized the need for tax payment as it is a catalyst for sustainable national development.
This was revealed in a press statement signed and made available to CEOAFRICA by Commander Edward Yeibo, the College Public Relations Officer.
Mr William delivering a lecture to participants of Course 26 with the theme ‘’Impact of Taxation on National Development in Nigeria, the Federal Inland Revenue Service in Perspective’’ said that government all over the world needs money to finance their expenditure which includes infrastructure and social services.
THE EXECUTIVE CHAIRMAN FEDERAL INLAND REVENUE SERVICE DR. BABATUNDE FOWLER PRESENTING A SOUVENIR TO THE COMMANDANT NDC REAR ADMIRAL ADENIYI OSINOWO DURING THE CHAIRMAN’S VISIT TO THE COLLEGE
Williams noting that taxation and borrowing are the two major ways government finances its expenditure, argued that taxation is more preferable to borrowing as debt has to be repaid usually with interest and other debt servicing obligations which can sometimes create additional burden on government.
‘’Most developing economies in the world are tax based economies, while resource-based economies are either developing or underdeveloped and are usually faced with revenue shortfalls when the prices of their natural resources drops’’, he said.
The FIRS Boss disclosing the various forms of taxes and levies collected by the federal, state and local government, emphasised on the need for efficient tax system as tax Evasion and Avoidance can pose a great challenge to sustainable national development.
A GROUP PHOTOGRAPH TO MARK THE VISIT OF THE EXECUTIVE CHAIRMAN FEDERAL INLAND REVENUE SERVICE DR. BABATUNDE FOWLER TO NDC.
Admiral Adeniyi Osinowo, the Commandant National Defence College in his remark, thanked the FIRS boss for the articulate, erudite and well presented lecture at the highest military institution in Nigeria and Sub-Sahara region.
Osinowo noting that the Nigerian current revenue challenges has brought to the fore the need to diversify our revenue base at Federal, State and Local Government levels, advised that tax and revenue authorities need to focus on closing current gaps in the revenue collection system while also identifying new as well as untapped source of revenue generation for economic prosperity in the nation as taxation is the key to the world economy development.