Acting Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has allayed company concerns that the FIRS’s decision to raise the country’s tax-to-GDP ratio to 18% from 10.86% will result in tax increases.
In a statement, Adedeji stated that such a resolution would not necessarily result in tax increases or the introduction of new taxes, as the administration of President Bola Tinubu was resolved to create a conducive climate for businesses to thrive.
The FIRS chairman stated that under his guidance, the agency would achieve an 8% increase in tax-to-GDP ratio in the following three years, surpassing Africa’s average of 16.5% without restricting investment or economic growth.
The idea has sparked whispered fears that it might result in tax increases or the introduction of new ones.
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Adedeji told a gathering of top major tax-paying corporations in Lagos on Wednesday, “Our belief, understanding, and vision as a revenue-generating agency is not to introduce any new tax as we only want to use data to improve compliance.”
According to Dare Adekanmbi, his Special Adviser on Media and Communication, the FIRS chairman stated that the invited companies and those prepared to voluntarily carry out their tax obligations have nothing to fear.
Adedeji told a gathering of top major tax-paying corporations in Lagos on Wednesday, “Our belief, understanding, and vision as a revenue-generating agency is not to introduce any new tax as we only want to use data to improve compliance.”
According to Dare Adekanmbi, his Special Adviser on Media and Communication, the FIRS chairman stated that the invited companies and those prepared to voluntarily carry out their tax obligations have nothing to fear.
“Our plan is simple,” he stated. We want to increase tax revenue, but we only want to tax prosperity, not poverty. As a result, it is not in our best interests to destroy the trees that bear the fruits. My first’love letter’ to you is to express my gratitude for what you have done. So you have nothing to be concerned about.
“Our plan is simple,” he stated. We want to increase tax revenue, but we only want to tax prosperity, not poverty. As a result, it is not in our best interests to destroy the trees that bear the fruits. My first’love letter’ to you is to express my gratitude for what you have done. So you have nothing to be concerned about.
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