Senate Approves  Higher Taxes for Nigerians

While, the Nigerian National Assembly remains one of the highest paid in the world, it’s Senate has recommended to the authorities that Nigerians be taxed more to make for the short-fall created by low crude oil prices.
A new tax regime which recommended for a much higher level of collection of taxes in the system is about to be approved by the National Assembly. 
The proposed tax increase is contained in the Medium Term Expenditure Frame work (MTEF) and Fiscal Strategy Paper (FSP), approved by the senate two weeks ago. Senators gave their nod on the tax increase when they approved the report of the joint committee on Finance, National Planning, Economic Affair and Poverty Alleviation chaired by Senator Ahmed Makarfi (PDP, Kaduna). The committee in its report compared the tax to Gross Domestic Product (GDP) ratio for some selected countries arguing that Nigeria has the lowest ratio of 3.3 percent compared to an average of 13 percent among the nations sampled.
Source: Daily Trust

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