Monday, September 21, 2020
MARKET UPDATE
Advertisement

TheCable

Advertisement
 ON THE GO

Fowler: Multiple taxation does not exist in Nigeria

Fowler: Multiple taxation does not exist in Nigeria
July 04
19:59 2018

Babatunde Fowler, chairman of the Federal Inland Revenue Services (FIRS), says multiple taxation does not exist in Nigeria.

Advertisement

Speaking on Wednesday after a session with the federal executive council, he said the list of defaulters would be released by the middle of July.

The Voluntary Assets Income Declaration Scheme (VAIDS) window closed on June 30 after a three-month extension from its initial March deadline.

“The update is that it expired June 30th. And anyone who has not come forth by now we shall use all the legal means to make sure that we bring them to book and make sure that they pay the appropriate tax with interests and penalties,” he said.

Advertisement

“Well, the response has been very good. We are collating all the figures both at the federal levels and the states levels and I believe that by the middle of July, we should be able to tell the nation the exact progress in terms of the numbers that have declared, amount that has been paid and the amount that is going to be paid in installments”

“Let me say once again that we do not really have a situation of multiple taxation. You only have multiple taxations when you pay the same tax to different tiers of government.

“What we have found out is that a lot of people categorize any payment to the government as a tax. For example, if you receive fine, a penalty they call it a tax. If you pay for the parking space, they call it a tax. Those are the things you refer to as user charges and not taxes.”

Advertisement

In May, the FIRS chairman had assured entrepreneurs that the national tax policy will address the issue of multiple taxation.

“The Joint Tax Board as a body is working together with the FIRS to harmonise tax collection from small businesses all over Nigeria.

“We have the national tax implementation committee working on the National Tax Policy to harmonies the taxes that are being paid in different states.

“It is going to address the issue of multiple taxation.”

Advertisement

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment