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Monday, November 6, 2017

Shocker! Finance Minister, Adeosun Reveals Number of Companies that Never Paid Tax

Tax to GDP ratio is still very much low in the most populous nation in Africa with a recent revelation by the Ministry of Finance buttressing the point.
Finance Minister Kemi Adeosun
Finance Minister Kemi Adeosun has revealed that more than 800,000 companies in Nigeria, including government contractors, have never paid any taxes.
In a statement, she also said that only 14 million Nigerians, out of an economically active base of 70 million, paid taxes.
Of the 14 million, more than 95% were salary earners in the formal sector, but only 241 people paid personal income taxes amounting to about $65,500 (£50,000) in 2016, Ms Adeosun said.
There was "systematic tax evasion at all levels", and the government planned to step up efforts to increase tax collection, she added.
This would help reduce government reliance on oil revenue, Ms Adeosun said.

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