The Presidential Fiscal Policy and Tax Reforms Committee has submitted its report, chronicling ways Nigeria can use taxation and other means to fix its economic paralysis. Here are the two most interesting:
- “Expand the official foreign exchange market to incorporate BDCs, forex apps, and retail fx dealers, and outlaw transactions in the black market”. Yes, government will OUTLAW black market. How do you do that? It may even be illegal to do so (I agree that I know nothing about law).
-“Imposition of excise tax on foreign exchange transactions outside the official market”. In other words, make black market more expensive by adding tax components to it. I am not sure how the government will do that as people exchange Naira and US dollars under the mango tree.
Good People, people willingly pay taxes when taxes are working in their lives. Let’s pursue that symbiotic relationship in Nigeria.
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The objectives of the tax reforms include:
- Improving service delivery to the public
- Boosting non-oil tax revenue
- Consistently reviewing tax laws to curb tax evasion and avoidance
- Improving tax administration
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