C-River IRS Eyes Revenue Boom, Moves Against Multiple Taxes
BY UBON EKANEM, CALABAR – The Cross River State Internal Revenue Service (CRIRS) has projected a one-stop-tax policy aimed at addressing the menace of multiple taxes and boosting business activities across the state.
Accordingly, the State government has expressed readiness to continuously engage relevant stakeholders in the tax sector as part of efforts to create a friendly investment environment for socio-economic growth and development in the state.
This is as the Service also reported that its monthly revenue collection grew from about N1.9 billion in May to over N2.97 billion in October 2023.
Chairman of the State IRS, Prince Edwin Okon, who made these disclosures at an interactive stakeholders’ session and training on best practices for tax consultants operating in Cross River, said the government is determined to explore all prospects that will not only encourage businesses but also expand its revenue base.
Prince Okon, who presented a keynote address on the “Synopsis of CRIRS 2023 Strategy and Achievements,” said the blame game era was gone for good and everyone associated with revenue generation in the state must henceforth be up and doing to deliver on their mandate of improved earnings into the state’s coffers.
He tasked participants at the session to think out of the box and recommend practical solutions towards addressing the challenges associated with multiple taxation as well as aid the IRS in blocking loopholes in revenue generation.
He explained that the Service is focusing attention on creating a favourable investment climate to complement the current administration’s efforts at providing infrastructure and social amenities that would boost the economy and promote healthy living among residents of the State.
On the N35 billion projection for the IRS in the State’s 2024 budget, he said the target is achievable provided legislative measures are introduced and deployed to block leakages in the system which have hitherto given some persons easy access to government revenue
The Revenue Chief, who further pledged the government’s resolve to provide the requisite infrastructure for the overall good and welfare of Cross Riverians and all those residing in the State, said the bottom line remains that the citizens must be willing and prepared to reciprocate the gesture by paying their taxes regularly.
For him, it will no longer be business as usual given the commitment of the Service to surpass the N35 billion revenue target for 2024, adding; “In 2024 and beyond, the projection is to reduce the number of taxes to a single digit.”
“We can do much more if we can work together and block loopholes. We hope to move the revenue far beyond the N35 billion target and this requires the support of all stakeholders”, he told the tax stakeholders.
Also speaking at the Forum, the State Commissioner for Commerce, Abigail Duke, described the session as timely and commended the IRS for the initiative that has the potential to hugely boost the state’s income to a large extent
