President Goodluck Jonathan has assured of his readiness to assent into law the new income tax bill in order to make it operational soon.

Jonathan made this known at the 2nd International Tax Conference and 50th anniversary of the Joint Tax Board (JTB), held in Abuja, yesterday.

The new income tax (amendment) bill was passed by both chambers of the National Assembly in May, this year and transmitted to Mr. President for assent in June.

The bill seeks to resolve issues that affect tax administration in the country.

It will also introduce a more equitable system of personal income tax administration,improve and simplify tax compliance for all taxpayers amongst others.

Jonathan, who was represented by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the signing of the bill would demonstrate his administrations commitment at strengthening the regulatory framework of tax administration in the country.

In his words, " the personal income tax (amendment) bill, 2011 is currently before me for assent into law and I want to assure the JTB that the bill will receive expedited action so that it can become operational shortly".

On the challenges of tax administration in the country, he said, " I am not unaware of the various challenges, which are currently being faced especially in the states, with respect to the administration of personal income tax. The bill when passed into law will impact on the revenue collection at the state and federal level and also its impact on the wages of our workers".

He noted that the bill has become more significant owing to the recent introduction of the enhanced national minimum wage and the need to ensure that the maximum benefit of improved wages accrues to the workers.

Jonathan urged the board to ensure continuous deliberations on issues that affect the nation's tax system, and its ability to be a tool for good governance and sustainable growth.

While commending the board for organising the event, he stated that with the theme 'Taxation and Good Governance: A Recipe For Sustainable Growth', the board was concious of the role, which it is expected to play in national development and the expectations of government in this regard.

Earlier, the chairman of the board, Mrs. Ifueko Omoigui-Okauru, maintained that the bill will greatly enable the three tiers of government to enhance the ability of tax authorities to effectively play their roles of raising revenue for government and properly utilising these revenues for developmental purposes.

She noted that the establishment of the JTB was informed by the need to put together the income tax.

Insisting on the need to stop multiple taxation in the country, she said: "multiple taxation remains an issue. It has grown more than it was in 1961 when the JTB was established. Multiple taxation has remained an issue in building our competitiveness and ability to utilise our revenue and create jobs just like other nations do", she said.

Okauru said that despite the challenges facing the board, it calls for celebration that the body has existed for fifty unbroken years.

Meanwhile, co-ordinating minister for the economy of the country and finance minister, Dr Ngozi Okonjo-Iweala, has said that the dynamic nature of the global economy as well as the uncertainties in the international oil market, has made the country's economy more vulnerable.

Okonjo-Iweala made this known in Abuja yesterday, during the ongoing 2nd international tax conference of the Joint Tax Board.

The minister pointed out that the current crisis rocking the United States and Europe is a pointer to the fact that no country was insulated from the economic crisis.

She noted that the significant drop in international oil prices was a pointer to the fact that the country still needed to diversify its revenue from oil.

According to her, "like you all know, events in the United States and Europe have direct effect on

"In US and Europe, they are speaking about the imminence of another recession. We are witnesses to the Greek debt problem and its effect on Europe. Japan, China and other developing economies are not in good shape.

"A country Like Nigeria is particularly vulnerable because our economy is dependent on one product: oil.

"We are vulnerable. We have to diversify our economy. For us, it has become a real life and death situation.

Continuing, she said, "We have to grow our taxes. Our non oil taxes is one of the

lowest in the world in terms of percentage To Gross Domestic Product.

"We all have to think of how we harness our non oil taxes to obtain more revenue for sustainable funding of our economy.

"So as you deliberate, think of the larger global context in which this country is operating and what that means for us as a country, our states and local governments

http://allafrica.com/stories/201110070331.html

Punishment for wanting a minimum wage of N18,000?

When will Nigerians wake up.

See the way these rogue politicians dictate your lives.

Numerous hardships are coming the way of the man in the street.

Its not enough that they sqander the natural resources and share the money amongst themselves

Now the are going for the man in the streets income.

GEJ/Ngozi/Sanusi/Worldbank/IMF etc - Thanks (Devils)

wtf is wrong with this arsehole?

who do they think they are fooling?

with their mad recurrent expenditure, they are desperate to increase the gap between the rich and the poor

I think that it's the rich peeps that usually pay the buck of the tax.

Sun of god:

Punishment for wanting a minimum wage of N18,000?

When will Nigerians wake up.

See the way these rogue politicians dictate your lives.

Numerous hardships are coming the way of the man in the street.

Its not enough that they sqander the natural resources and share the money amongst themselves

Now the are going for the man in the streets income.

GEJ/Ngozi/Sanusi/Worldbank/IMF etc - Thanks (Devils)

See how someone talks. Go and sit down. You make no sense.

What will u tell Fashola who is collecting tax from Lagosians. Tax is not a punishment- it is a civic duty.

Be objective for once.

Story.can someone pls enlighten me on this,'do the legislators pay tax on their hefty quarterly allowance?thanks

werepeLeri:

See how someone talks. Go and sit down. You make no sense.

What will u tell Fashola who is collecting tax from Lagosians. Tax is not a punishment- it is a civic duty.

Be objective for once.

Tax ia a civic duty?

Spoken like the true illiterate that you are.

How can the FG be asking for more money when it is @ 70%+ recurrent expenditure on what it currently takes?

Shouldn't it have to spend the money it gets more wisely before asking for more?

FG spends money like a drunken sailor. No justification for giving it more.

mtchewww.

Blame your cheap laptop and cheap internet for all the shi t you post here.

Before implementing any new tax regime, FG should first throw the public a bone by getting serious about corruption. If they can bring charges against 50 ex-policitians before Christmas, the public won't hesitate to trust the FG with their hard earned income. Nigerians are a lot more comfortable paying taxes to Local and State Government despite corruption because they at least feel some local impact. The Federal level just seems to be a place where politicians round the country go to do horse-trading. The FG does not impact the life of the average Nigerian half as much as State government. Some accountability must be introduced before taxation. Let's not put the cart before the horse. Give the people some blood!

why are we wasting our time claiming one nigeria when we all know this jungle(nigeria) is not working? pls joe divide this shit we call a country. where else in this world is govt spending 70% of her income in salaries?

1025:

why are we wasting our time claiming one nigeria when we all know this jungle(nigeria) is not working? pls joe divide this poo we call a country. where else in this world is govt spending 70% of her income in salaries?

Sleeping Nigerians - I command you to wake up!

WTF

In rational conditions, this would make sense but I find it hard to applaud this move. I can think of so many things that this same administration has refused to tackle that, in my opinion, will only make this a problem for the masses at the end of the day.

ekt_bear:

How can the FG be asking for more money when it is @ 70%+ recurrent expenditure on what it currently takes?

Shouldn't it have to spend the money it gets more wisely before asking for more?

FG spends money like a drunken sailor. No justification for giving it more.

When has our federal government ever even tried to put itself in check.

If the FG were at 30% recurrent and spent the other 70% building roads, bridges, power plants, etc, I don't think anyone would complain about more taxes. At least then you know you are getting value for your money.

But who wants to pay more taxes if the money will be stolen by some politicians?

GEJ is Robin Hood in reverse. . . steal from the poor, give to the rich.

muthafukka

first he wants to take money from us by eliminating the subsidy, then he wants to take even more money by increasing taxes, then more money still by upping phcn bills

psychotic eejit

and all the while he wil kepp his army of worthless special assistants , do nothing ministers and good for nothing security chiefs

bastar d


the FG is good for absolutely nothing - we fend for ourselves in everyway, and they want to make us even poorer

It seems highly likely this plan was put forward by Okonjo Iweala, on behalf of the administration. I mean I don't see how Jonathan Goodluck could come up with this one on his own.

This is a very good move.

As another poster mentioned, it IS a civil duty to pay taxation. The government just needs to make sure the tax bands are manageable for the average citizen and there are as few loop holes as possible for big business.

Nigerians need to begin to exercise themselves as CITIZENS.

Its not enough to simply demand from your country when you are not prepared to give one kobo into the pot!

It is not sustainable to carry on like that. Nigeria is not a charity.


The Nigerian government is not here to babysit you while you only take or demand to be given. If you are not prepared to pay tax, then you should not expect the benefits that other taxpayers around the world experience, simple.


Nigerians need to stop being so self centred, its always give us, give us, give us. Yet never alive to your own responsibility as citizens. The sense of entitlement people carry around is alarming actually.

Good move by GEJ etc,

Despite all the names you call this man- he cant hear you or read you. Is it not then daft to keep calling people names when they dont even mind you? Is it not common sense that when you speak and no one is answering back, then, whatever you say goes back to you? Bastard, retard, motherfukka, psychotic, he doesnt hear you or read you - hnce, isint that becoming boring and makes you an un serious person?

Come on. You can call him all the names in this world if he is listening and it MAY pain him, but if he is not hearing or reading you - why not cool o?

LOL. People may inteprete it to mean the barkings of a deranged NKITA.

N18,000 - minus tax = ?

So the whole N18,000 minimum wage saga was just a gimmick,

As the govt are the ones paying the salary its even easier to deduct the tax.

How much tax do politicians pay currently? Are the exempt from paying taxes?

Wicked people -