Taiwo Okunade, Partner, Financial Service Industry Group at Deloitte Tax Function, stated this at the sixth Triennial Delegates’ Conference of the Independent Shareholders’ Association of Nigeria, ISAN, in Lagos. He said that multiple tax and Value Added Tax, VAT, on commission were big disincentives for a lot of investors.
He said: “For the government to encourage investment in the capital market, then transaction cost should be as low as possible because you do not want to know that at the point of putting your money in an investment, your money might be reduced by 10 per cent that will be charged to you at that point.
“The other thing is elimination of multiple tax audits. There has got to be harmonisation of audits under the umbrella of the Joint Task Force to conduct a single audit instead of different agencies doing different tax audits.”
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