Tax in­crease now will be sui­ci­dal – Ex­pert

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, Lagos

The Fed­eral Gov­ern­ment has been ad­vised to jet­ti­son any propo­si­tion for hike of tax or VAT due to the pre­vail­ing eco­nomic hard­ship in the coun­try.

Mrs Ade­bimpe Ba­lo­gun, a con­sul­tant tax ex­pert and first fe­male past pres­i­dent of the Char­tered In­sti­tute of Tax­a­tion of Nige­ria who gave the ad­vice as the lead speaker at the 8th Wole Soyinka Cen­tre for Me­dia Lec­ture Se­ries said any tax in­crease at this time would be sui­ci­dal.

Speak­ing on the theme, ‘Tax Ed­u­ca­tion, Na­tional De­vel­op­ment and the Role of the Me­dia’, she said “dwin­dling oil rev­enue has made it per­ti­nent for ev­ery state to grow its In­ter­nally Gen­er­ated Rev­enue (IGR), but it is not the time to in­crease taxes.”

She said the gov­ern­ment should be more in­ter­ested in ex­pand­ing the tax base to cap­ture port­fo­lio con­trac­tors and trans­ac­tions that es­cape the drag net of the tax agen­cies.

Ade­bimpe, with 35 years of tax ad­min­is­tra­tion ex­pe­ri­ence, queried the con­tin­u­ous pro­vi­sion of in­cen­tives to op­er­a­tors in the oil and gas sec­tor in the face of re­duced earn­ings from the sec­tor.

Photo: Bamigbala Adekola

From Left: Pro­gramme Direc­tor, Tech­plus 2016, Gbonju Ak­ing­bade; Man­ag­ing Direc­tor, Con­nect Mar­ket­ing, Tunji Adeyinka; Gen­eral Man­ager, Mar­ket­ing, Coscharis, Abiona Ba­batunde and Gen­eral Man­ager, Con­sumer Mar­ket­ing, MTN, Nige­ria, Richard Iweanoge at the Tech­plus ex­hi­bi­tion 2016 press con­fer­ence at Ikeja, Lagos.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.