Some experts have urged the Federal Government to widen the tax net to include the informal sector and unregistered businesses in order to increase the country’s revenue base.
They gave the urge at the Detail Tax Business Series programme with the theme, ‘Finance Act 2023: Implications on the tax & fiscal outlook for the new administration and the economy,’ which was organised by Detail, a commercial solicitor firm that specialised exclusively in non-courtroom practice.
A statement issued by the organisers of the event said the panel of experts included Partner, PwC Africa & Family Business Leader, Esiri Agbeyi, and Partner and Head, Deal Advisory, M&A, Tax, KPMG Nigeria, Ajibola Olomola.
The panel was moderated by Associate Partner at Detail Commercial Solicitors, Anthony Ezeamama.
“The need to increase the number of individuals and citizens in the tax net rather than increasing the tax rate.
“To do this, tax authorities should focus on taxation of persons in the informal sector and unregistered businesses, and there should also be greater collaboration among the authorities.
“To do this, tax authorities should focus on taxation of persons in the informal sector and unregistered businesses, and there should also be greater collaboration among the authorities”, the statement reads.
The FG was also advised to focus on the taxation of consumption, rather than production, in order to enable the Nigerian economy to develop and check inflation.