Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says Nigerian businesses are strained due to taxes paid in foreign currency.
Speaking at the Nigerian Financial Intelligence Unit first revenue assurance summit, Oyedele said businesses are required to pay certain taxes in dollars, which amounts to an estimated $3.5 billion annually.
In his address, titled “The Importance of Revenue Assurance in Economic Stability,” Oyedele noted that revenue should be used to enhance the lives and livelihoods of citizens rather than simply serving as a financial target.Oyedele warned government agencies against withholding data from each other, noting that the data does not belong to them.
“JTB told me as part of the work we are doing, the number of agencies they were looking for data, you know they were commending the NFIU and we are grateful for the NFIU and the leadership… and they were asking them to come and pay for data. He said the effective collection of the taxes could result in a four- to five-fold increase in revenues within two to three years.
Bakari said most tax evasion occurs at the state level and that financial transaction data held by the NFIU would greatly benefit state internal revenue services.
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