RMAFC endorses new tax policy

RMAFC

RMAFCThe Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has endorsed the new national tax policy recently announced by the federal government.

A statement signed by RMAFC’s spokesman, Mr Ibrahim Mohammed, reaffirmed the commission’s support for policies that could enhance the country’s revenue base.

The Commission argued thatthe upward review of the existing Value Added Tax (VAT) rate on luxury items, as contained in the New Tax Policy is a welcomed development that is in line with international practice of making taxation the most stable source of government revenue.

The commission also urged the Federal Government to support all monitoring Agencies including the RMAFC to enhance their efficiency and block leakages in revenue collection. It also wants to strengthen intelligence gathering mechanisms so as to free more funds for governments to expand the economy, ensure rapid economic development and create employment.

By Dike Onwuamaeze

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