Business
Expert Advocates Block Chain Technology To Curb Tax Fraud
The Chief Executive of
Kurecion Foundation, Mr Abikure Tega has called for the use of block chain technology to address fraud in the country´s taxation system.
He made the call yesterday in Abuja at a training session organised by the foundation for some members of the public on the technology and how they could tap into its facilities.
Tega explained that block chain has the capacity to handle trust which makes it a top choice and the easiest and most efficient infrastructure among users of currencies across the world.
According to Tega, a financial advisor and business mentor, the block chain technology, like the internet, has a built-in robustness that stores blocks of information that are identical across its network.
He said the technology could also be used to address the challenges in agriculture, oil sector, pension and all other government processes.
“The block chain technology is essentially a decentralised transaction ledger in which digital information can be distributed and viewed but not copied or altered.
“It can be used to address complexities in governance and administrative systems,” he said.
He said that as a distributed database, it lives across a network of computers which makes it exceptionally secure.
Tega said the block chain stores transaction records in groups called blocks, while each block is time-stamped and added to a chain linked to the previous block.
“It is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the tax payer has an unhindered access to the collector which is the government.
“It enhances revenue collection and removes the challenges of remittances; everything becomes easy when it is brought to the block chain infrastructure,” he said.
He described as unfortunate the fact that Nigeria has the lowest Gross Domestic Product (GDP) ratio between tax collection and its GDP across the world, noting that “not everything collected is usually remitted to government.”
Tega also noted that the block chain technology had already been tested in some African countries, stressing that all that was needed in Nigeria was government´s political will to embrace it.
“We are saying that this technology is already here with us and we can deploy it for our own advantage.
“So I am calling on the government to see the possibilities and to have an open mind to innovation technology.
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.
