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Nigeria is set to utilize its legal provisions that empower the Federal Government to collect taxes on profits made in the country by global technology and digital firms not based in the country, but with significant economic presence here.
Vice President Yemi Osinbajo, SAN, hinted at these issues and others while interacting with a delegation of the Chartered Institute of Taxation of Nigeria, CITN, led by its President, Mr Adesina Adebayo who visited him at the Presidential Villa on Friday.
According to Prof. Osinbajo, “we have had severe economic downturns which of course implies that we may not be able to collect taxes with the aggressiveness that would
“I think the most important thing is that we must widen our tax net so that more people who are eligible to pay tax are paying. Several efforts have been made, and I am sure you are aware of the initiatives including the Voluntary Assets and Income Declaration Scheme (VAIDS) which was also an attempt to bring more people into the tax net, including those who have foreign assets.”
Earlier in his remarks, the President of CITN, Mr Adesina Adebayo, commended the leadership of VP in the implementation of key government interventions in the economy, stating that “we acknowledge your great zeal and commitment to Nigeria project.”
His words: “the Nigerian Economic Sustainability Plan (NESP) and other measures implemented was a right response to the challenges posed by COVID-19 pandemic and were largely instrumental to creating buffers for the government at all levels in withstanding the pressures and waves created during the peak period and aftermath of COVID-19.
Other members of the delegation included the VP of Institute, Barrister Samuel Olushola Agbeluyi, past Presidents of the institute, Dame Gladys Simplice, and Dr. James Naiyeju, and Council members Prof. Muhammad Mainoma and Hon. Babangida Ibrahim…
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