Leverage on data technology to block tax evasion, experts tell FG

Experts in the tax and financial technology sector have urged the federal government to leverage on data technology in blocking tax evasion and leakages in collection processes.

Speaking over the weekend when OSVAN services launched its fintech platform for e-commerce and an enhanced Tax collection system, Avanrenren Osamede Leonard, the chief executive officer of the firm, said the platform aimed to leverage cutting-edge technology to streamline the tax collection process, minimise corruption and boost the country’s economy.

He highlighted the critical need for modernising tax collection methods in Nigeria to minimise the rampant leakage of funds and lack of accurate data plaguing the current system, leading to significant revenue loss for government agencies.

“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 Firstly, it addresses the issue of outdated technology and data collection methods, which have contributed to widespread corruption and inefficiency.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.