NEW TAX LAWS; WEALTHY NIGERIANS TO PAY MORE

A memorandum submitted by the Attorney General of the Federation, Abubakar Malami, to the Federal Executive Council for a review of the nation’s taxation laws has been approved.

Senator Udo Udoma, the Minister of Budget and National Planning; together with Alhaji Lai Mohammed, the Minister of Information and Culture, while speaking about the review with the journalists after the FEC meeting said, the new approved taxation laws are likely going to ensure that the rich Nigerians pay more.


Udo Udoma was of the opinion that the review is to target the policies behind the tax laws to see if strengthening them would be necessary, and said it is too early to say specifically what the exact provisions of the new review would be but that it would definitely make the wealthy pay more.

On the other hand, Lai Mohammed explained that, the review became more imperative because the Federal Government had noticed that the current tax regime is inadequate and that these inadequacies were being exploited by both individuals and corporate organisations to evade tax, thus,  leading to loss of revenue to the government.