has said that Nigeria’s current tax regime is stifling investment and economic growth.
“This rate is one of the highest in the world. Average corporate tax rate for Africa is 27.6%; Asian average is 19.52%; European Union is 19.74% and global average is 23.37%. Meanwhile new taxes are still being proposed by the National Assembly. These include Tertiary Health Tax of 1% of profit; and NYSC levy of 1% of profit. There are numerous other taxes imposed on businesses by the states and local governments.
“For the basket of goods and services consumed by the average Nigerian, costs have accelerated by between 50% to 100% in 2022,” it said. It added that the GDP grew by 3.11% in the first quarter; 3.54% in the second quarter; and decelerated to 2.25% in the third quarter. “Ways and Means finances of the apex bank pose greater liquidity and inflation risk to the economy than bank deposits.”
Government will borrow and tax citizens, all the monies paid as tax, where does it go into? Cause I don’t see any development.
Talk about Taxation and Tell us why Bandits and Insurgents are Taxing Nigerian Farmers and Kidnapping the Unwilling Patriots for Higher Premium Extortion ? Where does the Federal and State Governments stand over their Rescue and Reluctant to Return to Farming ?