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According to Dr. Otti, the digitalized tax collection system was “revolutionary”, as it would simplify tax collection for businesses in the state while eliminating middlemen and other illegal entitles which had hitherto extorted significant sums from MSMEs.
“We envisage this digital platform to not only simplify tax compliance but also unlock substantial revenue for development projects, thereby strengthening our state’s economy,”Governor Otti explained. Details concerning the new system suggest that it will cater to two classes of taxpayers. The ‘Permit to Operate’ tickets will be available to transporters, while the ‘Innovative Traders Tax Payment’ will be aimed at traders in various markets of the state.
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It also allows taxpayers to remit their taxes on a weekly, monthly or annual basis, depending on what timescales they are most comfortable with. According to Alex Otti, the digital tax system will aid authorities in “eliminating fraud, intermediaries, and introducing the digital platform to block leakages.” He said that it would remove barriers faced by businesses looking to remit their taxes to the right collectors, and ultimately stimulate investment. The governor also emphasized that the new approach to tax collection would shrink the likelihood of tax evasion, increase Abia State’s IGR, and bolster the government’s pool of funds with which it would provide infrastructure and access to quality healthcare and education, among other needs.
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The digital tax system comes with a free medical insurance scheme as well. governor Otti said that this would be a fulfilment of his promise to “create an affordable health care delivery for our people across all sectors and segments in the state.” It would be recalled that, upon resuming as governor of Abia State, Mr Otti had halted levies that had previously been collected from the commercial bus and tricycle operators. His latest move to digitalize tax collection in the state appears to be part of a broader campaign to overhaul its revenue generation model and rid it of costly leakages. Featured Image Source: The Guardian NG
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The Digital Tax System facilitates tax processes for traders and transporters, increasing efficiency and compliance.
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