Raising tax monitoring standards
If you want to create a working system, the best thing is to sweep the ground very clean. Yes, when there is a new standard on ground, expect a lot of compliance and if it will start seeing some flaws it will take a realistic time. There are some government sectors that are actually very irrelevant; a lot of offices are chairs, period but transactions keep going in as salary and other allowances. If that were not to be enough, it opens doors to use such ministries for syphoning, ok, that is when the matter gets bad. I am not saying management is an easy task to accomplish but there are some people where words like management are of no concern to them.
The Bola Ahmed Tinibu presidential regime seems to be one that is not taking it kindly when it comes to taxing. From VATs the stamp duty charges and the new tax laws that just came into action from January 1st. Speaking of that, PoS service providers are NOW seeing what seems like a double charge from 10K and above. I haven't really dived deep but it seems we are NOW talking of a both end stamp duty charge.
Maybe the earlier N50 from the sender’s end was a test running of what was coming in 2026. Now, both ends are expected to pay meaning a 10K transaction and above secures N100 as charge/tax or perhaps profit for the government. I happened to be listening to the news over the radio set of the tricycle I was boarding home. First, from the state level, the governments are also stepping up.
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Maybe before getting there, I should also venture into another experience or information I picked up over the radio this afternoon. It was concerned how the super eagles of Nigeria don't get paid but they are still representing us out there in the field. Ok, this is one of the regulars we keep hearing but the surprising feedback is that the Federal government had cleared this budget according to feedback.
Which should we believe? The answer is obvious, it seems some unethical middlemen have been syphoning this money and it is becoming normal. It still boils back to poor auditing and accountability. I was just looking at the hierarchy of oppressions in this world system. If those who are exposed can still be oppressed and exploited, you can imagine what happens with those in the ground stage.
ALL these are what blockchain tech in partnership with AI will or can resolve. It depends on how serious the government is in closing every leakage. Don't get too surprised if these boys on the pitch pull out a poor performance today.
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Getting back to taxation, our governor Pastor Umo Eno has terminated the contracts of all contractors and consultants managing state government revenue. It boils down to poor management and I think the governor is out for clarity and profit this year or perhaps throughout his tenure; every government regime wants to leave behind a legacy. At least we have seen it from the federal level, tax is working. I am not against the strategy, I only hope it gets properly channeled.
Many investors are turning direction into the state of Akwa-ibom and if fraudulent loopholes that manipulate earned tax are not properly checked, it will be a year in year out loss. The fact is, one of the loose systems when it comes to management and accountability has been the government. ‘Not my thing, not your thing, just enjoy your tenure’ has been one of those exploiting statements.
To conclude, let me add personally, I will want to see a fast pace of growth within the state economy. A reinvestment into good roads and steady light will bring it both local and external investors. A booming city means services and products will be on high demand; something every entrepreneur will be excited about. I will be following up on this to know how far these new state measures on internal revenue will go.
Posted Using INLEO