Investor Presentaiton
Revenue capture
Standard registration data excludes a large proportion of the
population
Using standard means of identification (e.g. BVN, utility bill) excludes majority of the
population who are unbanked or in the informal sector
Four key factors deter
full participation and
timely payment of
taxes & fees
Too many steps in the process prolongs registration period
•
High rate of application drop-off from land title applicants
Average time for land registration: 186 days
Until recently, JMDB permits required 30 steps (now 7 steps)
Separate registration interfaces (MDAs) break the payment chain for payees
Lack of incentives for people to pay
.
Taxpayers get no additional benefits for paying or repercussions for unpaid taxes e.g.
Banks requiring land registration proof before granting loans or requiring
TIN certificate required for access to state funding (e.g. SME Loans) for individuals
and SMEs
Manual payments increase government overheads and can reduce trust
in payment rates for payees
•
Personnel handling costs for manual payments reduce revenue realizable ( by up to 15%)
Manual payments also include likelihood of corruption in the form of differential charges
that are not declared as official revenue
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