Federal Government Set to double the ratio
of taxes to GDP in 2years – Adeosun
The federal government is committed to double Nigeria’s tax on GDP from the current 6 per cent to 12 per cent by 2020.
Nigeria is one of the least tax-paying countries in the world, Finance Minister Mrs Kemi Adeosun, said in an interview with the News Agency of Nigeria (NAN) in New York.
The Minister had previously participated in a panel discussion on “Revenue Leaks: Illegal Financial Flows” in the Platform for Cooperation on the Tax Conference at United Nations Headquarters in New York.
“We have made a focus on improving the tax-to-GDP ratio from six percent where it is currently being transferred to spare parts for other African countries,”Adeosun said. “Ghana has 15 percent, South Africa has 24 percent. Most developed countries have 30 per cent. Therefore, 6 per cent in Nigeria is very low. “We have had some challenges with the team and we have received some good advice and support that will come back to Nigeria to implement,” she said, adding that there was still a run “As I said, we have set ourselves a goal, and we want to follow it strongly and all the revenue-generating agencies, especially the FIRS – Federal Inland Revenue Service.
“The Internal Revenue Service has been prepared to do the job, and we expect it to produce a result,” she said.
The Minister also held a special meeting with Ms. Monica Bhatia., Head of Organisation for Economic Cooperation and Development Global Forum on Exchange of Information,
The meeting focused on Nigeria’s efforts to develop international networks and cooperate with other countries to ensure access to taxpayer information. (NAN)