Mr Niyi Akinsanya, a financial expert has urged the Federal Government and tax authorities across the country to block leakages to increase revenue being generated.
Akinsanya gave the advice in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
He explained that tax revenue could be improved without necessarily increasing tax rates or introducing new taxes, adding that by blocking leakages, that alone was sufficed to boost revenue from taxes.
The financial expert said that it would also help to improve collection and stop possibilities of tax negotiations.
According to him, tax is the surest and only sustainable source of government revenue.
The expert noted that government enhanced revenue generation could be sustained if it could effectively use data and introduce efficient use of information technology.
He added that Human capital development and continuous sensitisation were key in boosting revenue from tax.
“Tax on specific items, besides being a source of revenue for the government, it can also be a form of regulation of trade and production.
“Taxes can be redeployed as an incentive and subsidies for production and industrialisation, this will improve the Gross Domestic Product (GDP).
“Taxes if effectively used as tool to improving local production of finished goods, is thereby capable of reducing unemployment.
“Continuous sensitisation of tax payers is also very important in motivating them by acquainting them with advantages of tax payment.
“Effective display of responsibility by managers of tax revenue and promotion of tax for service is key to encouraging taxpayers by way of identifying and implementation of projects with tax revenue.
“All of these will encourage tax compliance,’’ he explained. (NAN)
