It specifically urged Nigeria to implement a reform that would see it phase out tax holidays and exemptions eroding the Company Income Tax base.
Successive governments had granted controversial tax holidays and waivers, which were described as forms of corruption
The Washington-based Fund also asked the Federal Government to increase taxes imposed on tobacco and alcohol, emphasising the need for socially responsible fiscal adjustment based on revenue mobilisation.
The Senior Resident Representative and Mission Chief for Nigeria, Africa Department, IMF, Mr. Amine Mati also stated that the Federal Government needed to reduce interest payments on borrowed funds to about 30 per cent of the country’s revenue.
Edited from Punch
No matter the rule, most people will always evade tax payment. But lets hope it will work.
ReplyDelete