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Tax Amnesty Proposed For Nigeria

by Lorys Charalambous, Tax-News.com, Cyprus

29 September 2016


Nigeria's review committee, which was established early this year to recommend ways to improve the current National Tax Policy (NTP), has recommended the introduction of a tax amnesty program.

The Government is looking for enhancements to the NTP that will improve tax compliance and revenues, diversify revenue sources away from the oil sector, and raise the country's very low ratio of tax revenue to gross domestic product, which currently stands at only five percent.

The review committee has suggested that a tax amnesty would encourage additional companies and individuals to register with Federal Inland Revenue Service (FIRS), and support the agency's target of widening the country's taxpayer base and substantially increasing revenue.

In addition, the committee has recommended that all federal tax agencies, but particularly FIRS and the Nigeria Customs Service, should be merged to reduce the inefficiencies caused by the duplication of collection systems.

TAGS: individuals | compliance | tax | business | tax compliance | Niger | Nigeria | fiscal policy | tax authority | Tax

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