Reviewing Nigeria’s tax reforms
Chinedu Ezomike, Partner and Head of Commercial Practise at Andersen Tax joins CNBC Africa to review the progress of Nigeria's tax reforms.
Thu, 04 Oct 2018 11:37:14 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The VADES tax amnesty program raised tax awareness in Nigeria, despite falling short of revenue targets
- The informal economy and high net worth individuals pose challenges to tax collection in Nigeria
- The government's commitment to increasing tax compliance and revenue generation amidst political considerations
Nigeria has been on a journey to reform its tax system in order to promote investment and improve revenue collection for the government. In February 2017, the Federal Executive Council approved the revised national tax policy with the aim of widening the tax net and increasing public spending. Since then, several initiatives have been introduced, including the VADES tax amnesty program and executive orders to enhance the taxation system in the country.
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