Monday, 27 February 2017

Akwa Ibom can rake N20bn in revenue . . . IGR Consultant

Akwa Ibom can rake N20bn in revenue . . . IGR Consultant

Amid a growing impact of an economy caught in deep recession, IGR Consultant to Akwa Ibom State government, Messrs Rom Flex Networks Limited has said it is laying a solid foundation to enhance increased revenue generation meant to meet a consolidated growth of the state economy.

Mr. Eyo Bassey, Chief Executive Officer (CEO) of the organization made this known in a statement issued in Uyo, which enumerated its projections for the new tax year.

Reiterating its resolve to shore up more revenue as would lead to early recovery and a smooth growth of the state economy, the statement said: “As federal government grapples to shift the economy from the oil sector as the dominant provider of revenue for governments, Rom Flex Networks Limited as IGR consultants to Akwa Ibom state government is prospecting to pull the state out of the present doldrums of recession.

‘We are set to benchmark IGR beyond N20bn in the current year”, the statement emphasized.

Analyzing the turnover of the previous year, the statement noted that it was “quite impressive”, while also forecasting increased revenue generation in the new fiscal year with a projection it said, has a potential to “more than double” receipts in the second quarter.

Noting that as IGR consultant, it is seeking all avenues to increase government revenue, the statement, however, assured that government will have more money to grow the economy through the exploitation of non-oil revenue streams.

Hinting that it will impact higher revenues from taxes and through an expanded system designed to capture more tax payers on the tax net, Bassey, in the statement, revealed that as a revenue authority, Rom Flex Networks Limited is collaborating with Ministries, Departments and Agencies, [MDA’s], including the Ministry of Finance and Ministry of Investments, Commerce and Industry to expand the state tax net through the introduction of measures that would highly impact revenue policies and inject strategic reforms into the state tax system; some of which it stated to include the use of Tax Identification Number [TIN] and the introduction of Renewal/Registration of Business Premises [RBP], among others.

The statement stressed the Consultant’s resolve to maintain an efficient and effective tax system as would sustainably grow state revenue margins to high levels, adding that increase in tax and revenue returns, will rededicate government’s obligation to meeting numerous economic, social and development objectives earmarked in her various plans and programmes for the masses.

Mr. Bassey in the statement has enjoined tax payers and all employers of labour in the state to key-in with the revenue policy reforms, while commending the State House of Assembly for fast-tracking the passage of enabling revenue bills awaiting reviews in legislature. The statement specifically cited Real Property Charge and Maritime Sector Bills 2016, which have both passed the second reading on the floor of the House; stating that the twin bills possess the critical potentials of adding well over N20 billion naira in revenue receipts to the state coffers annually.

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