The President Muhammadu Buhari disclosed this at the opening ceremony of the 18th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN)in Abuja, Nigeria.
Buhari, who was represented by the Minister of Finance, Mrs. Kemi Adeosun said; “Tax collection must grow in line with growth in the economybut this has not been the recent case in Nigeria and that is our challenge”.
Speaking on the oil sector, he said this only represents 13 per cent of the country’s GDP, assuring that the government was ready to develop a framework that will mobilise revenue from the non-oil sector.
“An overhaul of our tax code is long overdue as is the re drafting of our tax laws to reflect current business practices and new trends. We must respond to the growing phenomenon of base shifting and other practices that allow companies to evade their fiscal and legal responsibilities.
“We will critically examine our GDP to align taxes with economic activity in our bid to block all leakages. For example, the multi-billion naira losses being identified in our solid minerals sector by illegal and undocumented miners will be addressed with increased formalisation and review of the governing laws.” he said
Source: Globa Village Extra
