curator
Administrator
Nigeria - Some financial experts on Wednesday attributed the incidence of multiple taxation for the failure of companies to abide by the nation’s tax regime.
They told the News Agency of Nigeria (NAN) in separate interviews in Lagos that the multiple taxation had compelled many companies to evade some taxes.
Mr Harrison Owoh, the Managing Director of H J Trust and Investments Ltd. in Lagos, described taxes imposed on companies by the three tiers of government as too many.
Owoh identified taxes in the country to include corporate tax, withholding tax, business premises tax, education tax and equipment taxes, among others.
“The multiple tax system is a strain and make makes it impossible for companies to pay these taxes promptly,” he said.
Owoh said that companies would prefer to pay penalties and plough back tax funds into their business for quick profit, adding that tax evasion was another source of income for companies.
Mr Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., blamed the three tiers of government for the inability of companies to pay taxes.
Adenagbe called on the Federal Government to streamline the tax system to avoid multiple taxation.
He said that the tax system should be streamlined to ensure that tax proceeds were shared by the three tiers of government.
Adenagbe also called for five year tax moratorium for small and medium enterprises in the country.
NAN reports that a survey conducted by PricewaterhouseCoopers on tax system ranked Nigeria’s tax payment 170 out of 189 countries surveyed.
The report said that Nigeria was globally and regionally competitive in terms of tax rates, but needed significant improvements in the area of tax payments and compliance.
They told the News Agency of Nigeria (NAN) in separate interviews in Lagos that the multiple taxation had compelled many companies to evade some taxes.
Mr Harrison Owoh, the Managing Director of H J Trust and Investments Ltd. in Lagos, described taxes imposed on companies by the three tiers of government as too many.
Owoh identified taxes in the country to include corporate tax, withholding tax, business premises tax, education tax and equipment taxes, among others.
“The multiple tax system is a strain and make makes it impossible for companies to pay these taxes promptly,” he said.
Owoh said that companies would prefer to pay penalties and plough back tax funds into their business for quick profit, adding that tax evasion was another source of income for companies.
Mr Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., blamed the three tiers of government for the inability of companies to pay taxes.
Adenagbe called on the Federal Government to streamline the tax system to avoid multiple taxation.
He said that the tax system should be streamlined to ensure that tax proceeds were shared by the three tiers of government.
Adenagbe also called for five year tax moratorium for small and medium enterprises in the country.
NAN reports that a survey conducted by PricewaterhouseCoopers on tax system ranked Nigeria’s tax payment 170 out of 189 countries surveyed.
The report said that Nigeria was globally and regionally competitive in terms of tax rates, but needed significant improvements in the area of tax payments and compliance.