FG Says Only 214 in the whole Nigeria Pay Tax
The Federal
Government has complained on Thursday during the National economic Council
(NEC) meeting that it is in record that only 214 individuals pay tax in Nigeria
that has a population of over 180 million.
It also
regretted that many multinational companies evaded tax payments. The government
also expressed concerned over the growing rate and the effects of deforestation
in the country even as it received briefings on the current security situation.
Revealing
that Nigeria has the lowest non-oil tax to GDP at 6%, the government has
however enacted a new tax policy which it hoped would block all the loopholes
and generate at least $1 billion to government.
The new tax
scheme which was approved by the National Executive Council, NEC, at its
meeting held at the Presidential Villa and presided over by Vice President Yemi
Osinbajo on Thursday was sequel to a presentation made by the Minister of
Finance, Mrs. Kemi Adeosun.
Briefing
State House correspondents at the end of the meeting, the Chairman, Federal
Inland Revenue Services, FIRS, Mr. Babatunde Fowler who was joined by Governor
of Abia State, Okezie Ikpeazu and the Deputy Governor of Kaduna State, Bala
Bantex said that the new tax regime subsumed under Nigeria Voluntary Asset and
Income Declaration Scheme (VAIDS) would commence May 1.
He said: “Under payment of tax via the use of
Tax Havens and other evasion strategies has not been helpful to Nigeria. This
practice has been principally perpetrated by multinational companies and high
net worth individuals.
Nigeria has the lowest non-oil tax to GDP at
6% “The proposed Nigeria Voluntary Asset and Income Declaration Scheme (VAIDS)
will capitalise on the considerable international goodwill built by President
Buhari in his mission to rebuild Nigeria.
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