Sophia Johnson
Tue, Jul 11, 2023 12:05 AM

FCTA Reiterates Efforts to Harmonize Revenue Collection and Attract Investments in Abuja

BusinessEarn Max 30 Coins💰 Get coins immediately after reading this article

FCTA Reiterates Efforts to Harmonize Revenue Collection and Attract Investments in Abuja
The Federal Capital Territory Administration (FCTA) has reiterated its commitment to organizing stakeholders and harmonizing revenue collection processes in Abuja. The initiative aims to attract domestic and international businesses and position Abuja as an investment-friendly destination. Through the harmonization program, the FCTA seeks to simplify and consolidate revenue collection systems, stimulate economic growth, and create employment opportunities. The efforts are backed by extant laws and regulations, emphasizing transparency and accountability in revenue generation.

ABUJA - The Federal Capital Territory Administration (FCTA) reaffirmed its ongoing commitment to organizing stakeholders and harmonizing revenue collection processes in Abuja. This endeavor, aimed at attracting both domestic and global businesses, was emphasized during a one-day Town Hall Meeting organized by the FCT-IRS.

Mr. Olusade Adesola, the Permanent Secretary of FCTA, addressed the audience, stating the importance of making Abuja more inviting for prospective investors. He highlighted that the decision to launch the effort to harmonize revenue collection in collaboration with the six Area Councils aligns with international best practices.

"By simplifying and consolidating our revenue collection systems, we aim to attract more investment, stimulate economic growth, and create employment opportunities. This will enhance the FCT's reputation as an investment-friendly destination and contribute to the overall development of the region," said the Permanent Secretary.

Haruna Abdullahi, the Chairman of FCT-IRS, further explained that the harmonization program is supported by existing laws and regulations. He emphasized that besides increasing revenue generation for the benefit of both the government and citizens, transparency and accountability are also crucial aspects promoted by the initiative.

"The Federal Capital Territory Internal Revenue Service Act entrusts us, the FCT-IRS, with the duty to collaborate with relevant stakeholders and agencies in harmonizing and improving our tax practices. This is aimed at optimizing our revenue generation efforts while ensuring simplicity, transparency, and accountability in our tax systems. The FCT Joint Revenue Committee has been established to harmonize tax administration and deal with revenue matters of common concern to the FCT and Area Councils," stated Abdullahi.

The initiative not only focuses on revenue collection but also aims to better manage and optimize the tax systems in Abuja. By promoting simplicity and transparency, the FCT-IRS intends to attract investments in sectors crucial to Abuja's development.

The harmonization program is anticipated to streamline regulatory processes, reduce bureaucratic hurdles, and create a conducive environment for businesses. As Abuja becomes more investment-friendly, it is expected to attract a broader range of businesses and investors, subsequently contributing to economic growth and job creation in the region.

Abuja, Nigeria's capital city, boasts significant potential for various industries, including real estate, hospitality, tourism, and technology. With the ongoing efforts to improve revenue collection and promote transparency, the FCTA aims to harness this potential and accelerate the overall development of the region.

The FCT-IRS has engaged stakeholders and agencies to ensure that the harmonization process is carried out smoothly. Through collaboration and consultation, the FCTA seeks to address challenges, gather valuable insights, and develop an effective revenue collection model for the benefit of the government, citizens, and potential investors.

As the harmonization program progresses, the FCTA expects to witness improved revenue generation, increased investor confidence, and the creation of a business-friendly ecosystem in Abuja. By aligning with international best practices, Abuja aims to become a preferred destination for both domestic and global investments.

The administration's commitment to transparency and accountability is commendable, as these principles are vital for fostering trust and attracting investments. The efforts to simplify and consolidate revenue collection systems reflect a proactive approach towards fostering economic growth and positioning Abuja as a thriving business hub.

Overall, the FCTA's ongoing harmonization program exemplifies its dedication to optimizing revenue collection, promoting economic growth, and creating employment opportunities. As Abuja continues its journey towards becoming an investment-friendly destination, stakeholders and potential investors can look forward to an increasingly streamlined and conducive business environment in the Nigerian capital.

Source of content: OOO News 2023-07-10 News

More detailed, more comprehensive, fresher news, please visit OOO NEWS.

Share content to earn coins