Stella Dimoko Korkus.com: Minister Of Finance Kemi Adeosun Says Luxury Tax Set To Commence Soon — Rich People Must Bear The Burden

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Monday, October 16, 2017

Minister Of Finance Kemi Adeosun Says Luxury Tax Set To Commence Soon — Rich People Must Bear The Burden

Kemi Adeosun, minister of finance, says the federal government will soon start collecting luxury taxes. Addressing journalists at the annual meetings of the World Bank and International Monetary Fund (IMF) in Washington DC on Sunday, Adeosun said people with higher income must bear a greater part of the tax burden.



The luxury tax planned by the federal government is being finalised now because it cuts across the ECOWAS. There is a legal process you must go through, including the customs union to actually vary the specific taxes,” she said.


The problem we have in the country is not just that the system needs to be overhauled, it is also that people are not complying and this is because there is no consequence. We have just started with Voluntary Assets and Income Declaration Scheme (VAIDS) as a measure to tackle that and the response is impressive.


In any tax system, the burden must be borne by anybody whose income allows to bear it, so those with higher income should by definition, bear a greater part of the burden. She disclosed that some rich people had approached her to speak to their governors about taxes payable to state governments.


Whether taxing the rich will increase public revenue or not, it is all about public revenue to which they are obligated for public services. The problem currently is that those at the lower level are the ones paying. If the man in the traffic control, with little income will pay at source, why should we not pursue the billionaire or the trillionaire to pay out of the income? We need to change the mindset in the country with regards to tax system.


Edited From The Cable

10 comments:

  1. And if the rich do not pay, what will they do to them?
    They have some judges in their payrolls.

    ReplyDelete
  2. If I had faith in Nigeria I would've applauded the move but...

    ReplyDelete
    Replies
    1. Thank u.. this lawless country where nothing works, they come up with policies they can’t implement

      Delete
  3. Let's watch and see what happens with this plan.

    ReplyDelete
  4. Baby minister.xxx

    ReplyDelete

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