Tax Leakages: Fintech Experts Urge FG to Revolutionize Tax Collection Process with New Technologies
- Fintech and taxation experts have urged the federal government to adopt new technologies to revolutionize tax collection
- The experts lamented the outdated and inefficient tax collection system
- The CEO of Osvan Services, Avanrenren Osamede Leonard, emphasized that the fintech platform would assist in combating tax evasion
FCT, Abuja-As part of efforts to address the persistent challenge of tax leakages, experts in fintech, including the field of taxation experts have called on the federal government to embrace new technologies that can revolutionize tax collection in the country.
Speaking during a press briefing on Friday, May 31, in Abuja, the experts under the aegis of Osvan Services, lamented the current method of tax collection, noting that the method is outdated and prone to leakages, which has resulted in significant revenue losses for the country.
Source: Original
As reported by BusinessDay, the experts argued that adopting fintech and machine learning could significantly improve tax collection processes and reduce leakages.
FG urged to key into fintech against corruption
This, the group of experts advised the current administration to key into its fintech platform for e-commerce to enhance the tax collection system, The Daily Times reported.
The chief executive officer, CEO of OSVAN Services, Avanrenren Osamede Leonard, stated that the platform is designed to utilize advanced technology to simplify the tax collection process, reduce corruption, and enhance the nation's economy.
He said:
“Our platform will solve three key problems, Firstly, it addresses the issue of outdated technology and data collection methods, which have contributed to widespread corruption and inefficiency.
"Secondly, it aims to alleviate the burden of heavy taxation on citizens by ensuring fair and transparent collection practices. And thirdly, it seeks to combat tax evasion through the implementation of robust data collection and security measures.”
New fintech company rivals Opay, PalmPay, others
QorePay, a new financial technology company, has launched in Nigeria, targeting small and medium enterprises (SMEs) and deepening financial inclusion.
Apart from its payment solutions addressing the challenges of small businesses, QorePay wants to ensure that every SME in Nigeria transitions from the traditional payment system to digital payment.
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Source: Legit.ng
Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
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