National Vehicle Registry positioned to mitigate revenue leakages from tax evasion — Finance Minister

By Matthew Denis

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has disclosed that the National Vehicle Registry (VREG) is positioned to mitigate revenue leakages from tax evasion.

The Minister made the disclosure while speaking at the one day Zonal Sensitization Seminar on VREG held in Abuja on Tuesday.

He said, “The National Vehicle Registry will provide insightful data analytics for policy formulation and implementation and mechanisms for the mitigation of revenue leakages from tax evasion and other Administration Ineffectiveness.

“Revolution of vehicle insurance Administration from increased revenue generation and compliance, improved access to credit facilities through vehicle utilisation and the reduction of vehicle theft and related crimes.”

Mr. Edun stressed that some of the critical steps taken in accomplishment of VREG includes the completion of technical integration with the central motor Registry (CMR) of the Nigeria Police Force and the National Vehicle Information System (NVIS) of the Road Safety as well as Strengthening the collaborative effort with the National Automotive design and the Joint Tax Board (JTB).

According to him, the platform will assist in tightening the cooperation among the stakeholders including the Nigeria Custom service in ensuring the optimisation of VREG for the growth of the economy.

The Permanent Secretary of the Ministry, Mr. Okokon Ekanem Udo explained that VREG is a Centralised data and aggregator of all vehicular information in the country.

He tasked the stakeholders to make progressive contributions to the discussion for optimal benefits in the country.

The highlights of the programme were contributions from stakeholders including members of state Internal Revenue Services and Joint Tax Board.