President of West Africa Union of Tax Institutes Mr. Rasaq Quadri has said that the new National Tax Policy (NTP) will transform the economy when it takes effect.

Quadri made the observation during an interview with newsmen in Lagos, recently.

He called for the speedy harmonisation of the NTP document by the relevant government agencies.

He said that the implementation of the NTP would enhance efficiency in tax administration in country.

“Everybody should be worried over the delay in the implementation of NTP despite its launch in February by the Federal Executive Council and the National Economic Council. An executive law will now legalise the tax policy and give it the needed administrative backing. In my view, the way to enhance efficiency in our tax system is to start full implementation of NTP,” he said.

Quadri said that NTP would make it mandatory for every taxpayer to possess a Tax Identification Number (TIN) which could be used for other purposes.

Quadri, a former president of the Chartered Institute of Taxation of Nigeria (CITN), said that NTP, when operational, would stop the incidences of multiple taxation on individuals and companies.

He said that the tax policy would also make provision for administrative and financial autonomy to state governments.

“NTP gives state governors autonomy to employ the services of private firms to help in the collection of tax revenues. It also provides for adequate remuneration of tax officials to reduce the incidents of touting and tax evasion,” he said.