Chairman, Income Mobilisation, Allocation and Fiscal Fee (RMAFC), Chief Elias Mbam, has mentioned that the fee has commenced work on the brand new income allocation sharing formulation which is able to take impact from 2021.
Mbam made this identified on Sunday at Merchandise Amagu, Ikwo in Ikwo Native Authorities Space of Ebonyi State, whereas talking with journalists.
He additionally added that the fee had diversified sources of income to the Federal Authorities with consideration paid to the mineral sector to extend income.
Read also: FG, States owe N154Bn in taxes — RMAFC
“Presently, we’re engaged on new income sharing system. We have now begun the method and all issues being in equal, we anticipate that the brand new components might be out in 2021,” he stated.
“We’re diversifying the sources of income, we have now gone into the strong mineral sector. For the primary time, the strong mineral sector is contributing to the federation account and we’re closing up leakages.
“We’re guaranteeing that income leakages are closed up or minimised in order that extra income will likely be accrued to the federation account.
“The fee is ever decided to make use of all its constitutional powers to make sure that all income accruable to the federal government is remitted to the federation account and on time,” he stated.
Read also: RMAFC deducting Bayelsa funds in favour of Rivers unacceptable – Gov Diri
