• Wednesday, February 28, 2024
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FG targets over 20% increase in tax remittances, FX earnings1

Tax Appeal Tribunal begins digital operations to boost reforms

The Federal Government through the Presidential Enabling Business Environment Council (PEBEC) is to facilitate over 20 percent increase in annual total tax remittances as well as foreign exchange earnings, among others.

This is contained in the PEBEC Outlook for 2024, obtained by BusinessDay.

The council had introduced the ‘Business Champions Programme’ as part of its workstream for 2024, to provide direct support to businesses and minimise bottlenecks in accessing government services.

Under this new programme, the expected impacts include achieving 20 percent or more annual growth in revenues, tax remittances, foreign exchange earnings, and job creation.

Other workstreams for the year according to the outlook include regulatory reforms, sub-national (state) Ease of Doing Business (EoDB1) reforms, legislative and judicial reforms and strategic communications.

Under the regulatory reforms, the council also aims to improve the efficiency and transparency of public service delivery in 36 PEBEC priority MDAs. This is expected to produce 25 percent growth in MDAs adherence to the 72-hour ReportGov.ng resolution SLA and timeline.

The sub-national ease of doing business reforms will support the 36 states and the FCT will score at least 15 percent in ease of doing business.

Under the strategic communication reform, the council will support the effective and transparent communication of PEBEC’s mandate, work streams and key initiatives. While expected impact includes achieving a 25 percent improvement in internal and external stakeholder satisfaction with PEBEC in 2024 and a 20 percent growth in followership across all PEBEC media platforms.

“Federal Government’s priorities include improving power and transport infrastructure, public service delivery, security, and business environment, reducing trade restrictions, reviewing tariffs to reduce the cost of key inputs for producers, simplifying and harmonising import and export procedures, and addressing bottlenecks,” the council stated.

According to it, the workstreams were in line with the Federal Government’s 8-point agenda which includes reforming the economy to deliver sustained inclusive growth, strengthening national security for peace and prosperity, boosting agriculture to achieve food security and unlocking energy and natural resources for sustainable development.

Others are enhancing infrastructure and transportation as enablers for growth, focusing on education, health, and social investment as essential pillars of development, accelerating diversification through industrialisation, digitisation, creative arts, manufacturing and innovation, and improving governance for effective service delivery.