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The Brand Assignment Act presents abounding befalling for the federal government to accession tax acquirement and bolster its budgetary position but the obscurity beclouding its administering calls for concern, writes James Emejo
Faced with accretion budgetary challenges occasioned by abbreviating oil revenues and the absolute aftereffect of an abridgement which is not absolutely diversified, the assorted tiers of government are added beneath burden to accession calm acquirement drive to accommodated their obligations to the people.
Also, the adverse appulse of the COVID-19 communicable on the economy, as able-bodied as accretion debt account obligations by the government had added artificial the accessible purse, reinforcing the allegation to augment the tax net to advance acquirement collection.
One of the areas afresh articular by the government that needs bigger tax receipts is the Brand Duty.
The federal government had through the Finance Act advised its action on brand assignment accuse which was levied on cyberbanking payments, thereby arty a N50 brand assignment allegation on cyberbanking payments aloft N10, 000 as adjoin acquittal aloft N1, 000.
The Act repealed a accouterment of the Brand Assignment Act 2014, which holds the beginning for receipts accountable on brand assignment as N4 and above.
In 2016, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, while attesting to the abeyant of the brand duty, acicular out that at a aeon back oil acquirement airish a huge claiming for the government, the CBN was larboard with no added best but to access abutment for the budgetary authorities to seek added means to accession revenues, abacus that the brand assignment remained a applicative addition to access tax collection.
The CBN governor said, “We will try as abundant as possible, alive with the banks to ensure that all affairs are captured in a way that ensures that for every affairs of N1000 and above, anniversary of those affairs get debit for N50.”
Emefiele at the time said the absolute amount, which the government hoped to accomplish from brand assignment was still unknown.
“We’ve not dimensioned it yet but in due course, I accept Nigerians would activate to apperceive what this would construe into but we accept it would advice the efforts of government to advance its revenue.”
However, in July 2020, the federal government directed the Federal Inland Acquirement Account (FIRS) to balance all brand duties calm on account of the federal government, which were yet to be remitted by government agencies, banks and added companies.
The Secretary to Government of the Alliance (SGF) Mr. Bang-up Mustapha gave the boot adjustment while he inaugurated the inter-ministerial board on Audit and Recovery of Back Years