- 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- The experts lamented the outdated and inefficient tax collection system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the experts under the aegis of Osvan Services, lamented the current method of tax collection, noting that the method is outdated and prone to leakages, which has resulted in significant revenue losses for the country.
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; “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 Firstly, it addresses the issue of outdated technology and data collection methods, which have contributed to widespread corruption and inefficiency.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,” he said.
Also speaking, a Fintech expert and managing director of OSVAN Services, Yahaya Bashir noted that, “The platform has a comprehensive database, which will store crucial information on taxpayers and their obligations,” adding that government at all levels must leverage on such technology to tackle evasion.