Business
Shore Up Your Tax Revenue, ECOWAS Members Urged
Alhaji Mohammed Daramy, Commissioner of Trade, Customs and Free Movement, ECOWAS Commission, has urged countries within ECOWAS to shore up tax revenue to attain macro-economic stability.
Daramy gave the advice at the 12th annual tax conference, organised by the Chartered Institute of Taxation of Nigeria CITN) on Friday in Abuja.
He spoke on sustainability of tax revenue for global economic stability.
Daramy said that with the gradual recovery from the global economic crisis, governments within the region were faced with decreasing revenue.
He said that the theme of the conference: “Tax harmonisation for regional integration’’, was appropriate at this time when ECOWAS had renewed its commitment to ensuring all policies within the region were harmonised.
Daramy said that in terms of performances, many ECOWAS states had not been able to substantially increase their tax revenues to reflect in their gross domestic product (GDP).
“Between 2001 and 2009, not more than two ECOWAS-member states satisfied the ECOWAS tax yield criterion of not less than two per cent.
“As at June 2009, only Cape Verde and Ghana met the criterion by recording 22.7 per cent and 23.3 per cent respectively,” he added.
Daramy said that the remaining 13 countries, including Nigeria, recorded a revenue and GDP ratio of less than 20 per cent.
”In the case of Nigeria, the tax revenue and GDP ratio declined from 19.5 per cent in 2001 to 11 per cent in June, 2009,’’ Daramy said.
He said that to make the Nigerian economy stronger, the support which taxation gave to growth and financial stability must be strengthened.
He added that to address the challenges, CITN should develop an enduring tax system where voluntary compliance would be the hallmark.
He stressed that to ensure voluntary compliance, the Nigerian tax authorities should provide strong support to individuals and businesses to contain non-compliance.
Our correspondent reports that the conference could not hold on Thursday, due to the death of President Umaru Yar’Adua who died on Wednesday in Abuja at the age of 58.
Our correspondent also reports that about 800 tax professionals and the chairmen of internal revenue service in the 36 states of the federation, including the Federal Capital Territory are attending the conference.
The conference, which started on Tuesday, May 3 ends on May 7
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
Business
NIS Ends Decentralised Passport Production After 62 Years
Business
FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year
-
News5 days ago
FG Ends Passport Production At Multiple Centres After 62 Years
-
Maritime2 days ago
Minister Tasks Academy On Thorough-Bred Professionals
-
Maritime2 days ago
Customs Cautions On Delayed Clearance, Says Consignees May Lose Cargo
-
Maritime2 days ago
NCS Sensitises Stakeholders On Automated Overtime Cargo Clearance System
-
Maritime2 days ago
Lagos Ready For International Boat Race–LASWA
-
Maritime2 days ago
Shoprite Nigeria Gets New Funding to Boost Growth, Retail Turnaround
-
Politics2 days ago
I Would Have Gotten Third Term If I Wanted – Obasanjo
-
Sports2 days ago
Bournemouth, Newcastle Share Points