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Nigeria Should Develop Broad Tax Reforms: IMF

by Lorys Charalambous, Tax-News.com, Cyprus

05 April 2017


Nigeria should introduce a number of tax reforms in 2017 to reduce its reliance on oil revenues, the International Monetary Fund has said.

The IMF said that the country should prioritize raising value-added tax and excise rates, strengthening compliance, and closing loopholes and exemptions.

It said that the country should tackle its fiscal deficit through "improved transparency and monitoring."

In February Nigeria's Minister of Budget and National Planning, Udoma Udo Udoma, denied that the Nigerian Government intends to raise taxes and will instead focus on compliance.

Nigeria derives about 60 percent of its revenues from oil.

TAGS: compliance | tax | Niger | Nigeria | tax reform | Tax

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