Only 10 million Nigerians are paying taxes in the country, according to the Join Tax Board report.
Speaking at the stakeholders’ meeting on the review of the National Tax Policy in Abuja, a member of the review committee and the Lead Presenter, Taiwo Oyedele, who gave the figure, the situation has denied the country huge revenue for developmental projects.
He said despite the small number of tax payers in the country, another problem was the compliance issue where the country had only 10 percent Value Added Tax compliance level.
The chairman of the committee, Prof Abiola Sanni, said the essence of the review was not about tax increment, but to improve it for better implementation.
Technical assistant at the Nigerian Association of Small and Medium Enterprises, Chris John Mamuda, urged the committee to consider granting tax amnesty for SMEs in order to encourage the businesses to grow.
Source: Daily Trust.