Ibas launches new tax framework, revenue codes in Rivers

…says “It’s a caller economical dawn for Rivers”

By Davies Iheamnachor, Port Harcourt

The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd), has launched the International Public Sector Accounting Standard (IPSAS) and a suite of caller gross codes, describing the inaugural arsenic a caller economical dawn for the state.

The unveiling, which took spot connected Tuesday astatine Government House, Port Harcourt, marks the culmination of a strategical betterment thrust aimed astatine aligning Rivers State’s fiscal absorption with planetary champion practices.

Speaking astatine the event, Ibas said the reforms were introduced to code long-standing weaknesses successful the state’s gross system.

“For excessively long, our gross strategy has suffered from anemic oregon imprecise computation, creating loopholes that encouraged leakages, inconsistencies, and outright losses,” helium said.

“This betterment ushers successful transparency, accountability, and efficiency. Every transaction volition beryllium traceable, each outgo verifiable, and each process auditable successful existent time.”

Ibas explained that the dual implementation of IPSAS and the modernized gross codes would alteration the state’s system by ensuring that fiscal records are “comparable, credible, and globally acceptable,” thereby boosting capitalist assurance and attracting planetary improvement partners.

He noted that the caller gross codes would alteration the Rivers State Internal Revenue Service (RSIRS) to seizure antecedently overlooked gross streams, broaden the taxation net, and importantly summation Internally Generated Revenue (IGR).

“For taxpayers, it means convenience. For government, it means much reliable gross inflows. And for our people, it means resources volition beryllium amended harnessed to supply infrastructure and services that amended regular lives,” helium added.

The Administrator besides highlighted the strategical vantage of the reforms successful positioning Rivers State to entree planetary backing and grants from institutions specified arsenic the World Bank and the United Nations.

“Though my clip present is short, the bequest we permission down is 1 of courage, discipline, and reform. History volition justice that each enactment was taken for the wide bully of Rivers State,” helium said.

Also speaking, the Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu, described the adoption of IPSAS and the caller codes arsenic a transformative measurement that globalises the fiscal individuality of Rivers State.

“With IPSAS, Rivers State is nary longer reporting gross successful isolation. It is speaking a connection understood by the World Bank, the United Nations, and planetary fiscal institutions,” Egbunefu said.

He added that the betterment would assistance retrieve billions of naira successful antecedently mislaid oregon underreported gross portion positioning the authorities arsenic a credible destination for concern and planetary credit.

Egbunefu commended Ibas for his enactment and courageousness successful pushing done the analyzable betterment wrong a abbreviated period, calling connected stakeholders to consolidate the gains for the lasting payment of the state.

“This broad fiscal overhaul is expected to unlock important maturation imaginable successful cardinal sectors including tourism, commerce, agriculture, existent estate, and technology, paving the mode for a much prosperous aboriginal for each Rivers people,” helium said.

The station Ibas launches caller taxation framework, gross codes successful Rivers appeared archetypal connected Vanguard News.