The Federal Capital Territory Administration , says it will create a harmonized revenue collection system that will benefit all residents of the F.C.T.
At a Townhall meeting in Abuja, the FCTA Permanent Secretary Olusola Olusade says by working collaboratively and leveraging collective strengths, it can overcome challenges, seize opportunities, and pave the way for a prosperous future in terms of revenue.
Revenue harmonisation is understood as a process of adjusting tax systems of different jurisdictions in the pursuit of a common policy objective.
The Presidential Enabling Business Environment Council (PEBEC), March 2023 rated the Federal Capital Territory, below average on Ease of Doing Business (EoDB) rankings per state.
According to the report, the nation’s average Ease of doing business, score is 5.69 but Lagos attained 5.16 points and FCT got 5.09 points respectively.
This gathering, is aimed at charting a way forward for the actualisation of revenue harmonisation, basically streamlining and optimising revenue collection processes across the FCT.
The Abuja business community complains of multiple taxation, port inefficiency, bureaucracy, and regulatory risks.
This will be eliminated with the proposed harmonisation.
The Harmonisation drive aligns with international best practices in revenue administration.
By adopting modern technologies, digital platforms, and efficient processes, it can enhance the effectiveness and efficiency of revenue collection.
This will not only improve service delivery but also contribute to the ease of doing business in the FCT, making it an attractive destination for local and foreign investors.