Companies with less than N10m turnover should be exempted from VAT — CITN president

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Companies with less than N10m turnover should be exempted from VAT — CITN president Nigeria

In this interview with NIKE POPOOLA, the President, Chartered Institute of Taxation of Nigeria, Olajumoke Simplice, speaks on challenges of meeting tax projections in recent years among othersFederal Government recently announced plans to increase Value Added Tax from five per cent to 7.5 per cent. Do you feel this is appropriate?

There are exempted items that affect everyday life of the common people. All those things have been exempted, leaving virtually the luxury items. It is the middle people and the rich that will buy the luxury items.The problem is that it will affect cost of goods and items in the fact that manufacturers will have to pay higher VAT. And what should be done is to amend the tax law. There should be threshold for registration for VAT.

Look at people who are not in the tax net. Issues of Voluntary Asset Income Declaration came, issues of bank statement, using data, that is what this country needs. Bringing out people who have millions in their accounts and are not paying taxes. How will you have billions in your accounts and you are not contributing to the economy that gave you those billions.

Since the coming to power of the present regime, thousands of jobs have been lost while a lot of business concerns have either closed down or recorded losses and these entities were expected to pay taxes. Should Fowler still be blamed for this?

 

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