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Tuesday, February 7, 2023

Finance Ministry lectures on Tax and Revenue Policy

HomeAYV NewsFinance Ministry lectures on Tax and Revenue Policy

Finance Ministry lectures on Tax and Revenue Policy

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According to the division of tax and revenue at the Ministry of Finance and Economic Development, the issue of taxation and revenue in the country has been very critical to deal with. Following its complex nature, the division decided to call on the media and Civil society organisations to see how they can bring out ideas and discuss some of the issues that have been affecting revenue and taxation. The meeting was also to explain the division’s mandate in the ministry.

Speaking during the session, the Acting Director of Tax and Revenue, Mohamed Amara Salisu said that the main trust of the tax and revenue division is to design and formulate policies that should be implemented by the National Revenue Authority (NRA), and also hold consultations with them to see the implementation of the existing policy; what are the problems they are facing. Base on the problems they are facing, they may decide to review those existing policies to be able to meet the much needed requirement of revenue generation. He further said that the mission of the division is to provide and maintain a tax regime which will ensure that the required revenue for financing government programs and commitments, encouraging savings and investment and promoting social justice. Mr. Salisu also said that they review and improve laws and regulation parting to tax and non tax revenue collection systems and non extractive and extractive sector in order to promote savings investment and competition in the private sector.

The assistant secretary in the revenue and tax division Abu Bakarr Conteh also explained the impact of trade policy in relation to tax and revenue. He said that the issue of trade policy is very crucial due to the low economy in the country and that the production of domestic product is not effective but rather depends on imported product.

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