The law, which takes effect on 30th June, 2016, was passed by the lawmakers after it was considered at the committee of the whole and amendments made to nine clauses of the bill. This was sequel to the submission of the report on the bill by the Chairman, House Committee on Appropriation and Finance, Hon. Usoro Akpanusoh.
The law enables the state government to establish the Akwa Ibom state Board of Internal Revenue whose operational arm shall be known as the Akwa Ibom State Internal Revenue Service. It also makes provision for the appointment of a chairman and other board members knowledgeable in tax matters for the board.
Reacting after the passage of the bill, Speaker of the House, Rt. Hon. (Barr) Onofiok Luke thanked the committee members and the entire House for their painstaking effort in ensuring that a law that would boost the internal revenue of the state was given the attention it needed. He stated that the action of the assembly was in consonance with the commitment of the 6th assembly to ensure that it rises to the occasion when matters of importance to the state and its people arise.
Rt. Hon. Luke reiterated that the House to legislate on laws that would shore up the revenue profile of the state.
The Speaker said: “We have set in motion a process that will strengthen the state’s internal revenue service for optimal performance and efficient delivery on its core mandates.
“The present economic reality has made it imperative that we look inward to ensure that we not only explore avenues to shore up the revenue base of the state but also effectively administer these revenues.
“Our legislative action today is a major step towards bringing to bear our commitment to Akwa Ibom people in the second legislative year as captured in my remarks at the end of the first year.
“We had promised to enact legislations that will help boost our internally generated revenue in the face of dwindling economy. The next major concern now is for us to make laws that will create more sources from which revenue will be generated.
“This process has already commenced. We are currently considering some member bills aimed at boosting our internally generated revenue”
Press Secretary to the Honourable Speaker