- August 9, 2018
- Posted by: jomesili
- Category: Meetings
The Joint Tax Board held its 140th Meeting from the 25th to 28th March, 2018 at the State Secretariat, Osogbo, Osun State. The Theme of the meeting was “Deepening Internally Generated Revenue (IGR): Beyond Personal Income Tax (PIT)”. The Board deliberated on various issues and took the following decisions:
- Value Added Tax (VAT) is the fastest growing tax type worldwide and as such, all stakeholders should ensure that the full potential from this tax type is achieved; while consumers should insist that all payments are duly receipted, Revenue Authorities should ensure that VAT collected is remitted promptly and accurately on a monthly basis.
- All measures must be taken to ensure that the consolidation of all States taxpayers database on a single platform is completed by the end of June, 2018.
- State Revenue Authorities are to explore all non-Personal Income Tax sources in bringing about an improvement in the non-PIT to IGR ratio.
- Revenue Authorities nationwide should ensure that all efforts are made to increase the National Tax revenue to GDP ratio to at least 20% by 31st December, 2018.
- To avoid the incidence of double taxation, any emblem/sticker obtained in any one Local Government Area in the country should be acceptable in every other Local Government Area across the country.
- In line with the Executive Order No. 004 of 2017, the expiration date of the Voluntary Assets and Income Declaration Scheme (VAIDS) shall be 31st March, 2018, and as such, Tax Authorities nationwide should in line with existing Laws, commence full enforcement measures on non-compliant individuals and corporate organizations that failed to take advantage of the window period provided by the Scheme