Consultant Advocates Property Tax To Boost IGR

A Tax Consultant for Akaw Ibom Internally Generated Revenue (IGR),  Mr Eyo Bassey,  is advocating the employment of property tax to boost the state IGR.

The consultant, who spoke to newsmen in Uyo, said that government could generate more than N16 billion annually from property tax alone.

“Everybody keeps using Lagos state as a role model in terms of revenue generation in Nigeria.

“Lagos state doesn’t rely so much on Federal allocation because they generate lot of revenue internally, we can replicate this now in Akwa Ibom. “There is a window that has been overlooked and that is in the area of property tax. “Property tax, if properly managed and looked into, can bring over N16 billion annually to the state. We have looked into it and critically analyzed it,” he said.

Bassey said that the current administration, with its uncommon transformation drive, has been able to address social problems which would always stand as a motivating factor to tax payers.

The tax consultant said that property tax was not being collected in the state because it was not easy to track the landlords and owners of the property.

“But if effective system is put in place, like what obtains in Lagos, we can help the state government do a lot and add at least N1billion monthly to the present revenue of the state.

Bassey also noted that there were some multi-national companies that do not pay their taxes to the state but to their headquarters in Lagos.

“I am aware that the lead consultant has been going after them. But, much is still required to be done.

“If we can force these multi-nationals to pay their taxes here, then more money will be accrued to the revenue of the state.

“As tax consultants, we don’t have the power to arrest defaulters; it is the responsibility of the state. We can only raise some of these issues and make our recommendation to the state government”.