Expert canvass harmonisation of taxes to boost impact of diversification
NAN-HE-6
Taxation
Lagos, March 16, 2017 (NAN) Mr Olayemi Shonubi, a former Chairman of Lagos Branch of Nigeria Institute of Quantity Surveyors (NIQS), has called for harmonisation of taxes in the country.
He said this was necessary for Nigerians to feel the full impact of economic diversification.
Shonubi told the News Agency of Nigeria (NAN) in Lagos on Thursday that taxation remained the viable means of revenue for all the tiers of government and for their financially independence.
“It is only when government strengthens operation of taxation system and other sectors of the economy that the impact of diversification will be greatly felt,” he said.
He decried the current situation where Nigeria had depended on the oil sector as its major source of revenue for decades, saying that such situation was unhealthy for a developing economy.
According to him, the various levies and tax collection channels of the government are enough to cater for most of its financial needs if effectively structured.
“But our taxation system is full of loopholes that have rendered it ineffective and unable to satisfy the targeted objective.
“In other countries where the taxation system is effective, it is solely revenue from levies and taxes that the government uses to run its affairs,” he said.
Shonubi urged the Federal Governmet to see the taxes as a source financial relief, saying that limiting the diversification move to one or two areas might not bring much impact.
“If an economy is diversifying, it means such an economy is undergoing transition in terms of production, attitude, culture and behaviour.
“So, if truly Nigeria is diversifying its economy, it has to streamline the taxation system to be more resourceful such that it can rely on it for economic sustenance like other countries.
“The citizens need to change their attitude and behaviour to tax payment for the taxation system to yield good result,” he added. (NAN)
LUC/MO/TA
Edited by Morayo Omolade/Tajudeen Atitebi