Ensure multinationals pay appropriate taxes, Akinwumi Adesina advises Tinubu | TheCable
May 28, 2023 7:19 AMAdewumi Adesina, president of the African Development Bank , has urged President-elect Bola Tinubu to ensure that multinational companies pay appropriate royalties and taxes.He advised the next administration to pay attention to tax revenue, adding that leakages in tax collection must be closed.
“This must include improving tax collection, tax administration, moving from tax exemption to tax redemption, ensuring that multinational companies pay appropriate royalties and taxes, and that leakages in tax collection are closed,” he said.“However, simply raising taxes is not enough, as many question the value of paying taxes, hence the high level of tax avoidance.
“It is not the amount collected, it is how it is spent, and what is delivered. Nations that grow better run effective governments that assure social contracts with their citizens.”The AfDB president said the new administration must prioritise macroeconomic and fiscal stability. “This has been due to huge federal and state government expenditures, lower receipts due to dwindling revenues from export of crude oil, vandalism of pipelines and illegal bunkering of crude oil.
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