The importance of taxation in any economy cannot be overemphasised, and its effects remain significant. It helps greatly in the redistribution of income and gives the government funds that it can use to finance public services such as provision of adequate national security, public infrastructure, social security services, power, a network of...
In conjunction with SIAO, OBG explores the taxation system, examining Nigeria’s investor-friendly environment.
OBG talks to Ituah Ighodalo, Managing Partner, SIAO, on strengthening the tax system and increasing revenues.
The most populous country and arguably the largest economy on the continent, Nigeria is widely regarded as an African powerhouse.
Nigeria undertook a rebasing exercise of its GDP in 2014. This brings into sharper focus the very low taxrevenue-to-GDP ratio, which is now about 8% and a much lower ratio of 4% for non-oil taxes. There is pressure on the government to improve the ratio, but in reality this is not a quick fix. It will require a broad-based approach to address the complexity of tax...
While the tax burden in Nigeria is fairly in line with regional levels, the country is consistently rated lower than similar economies in areas like number of tax payments and time needed to comply. The “Paying Taxes” 2014 report, a joint study of tax regimes in 189 economies by PwC and the World Bank, finds that on average globally a medium-sized company has a total tax...
Nigeria, like other nations, has rules and regulations governing the operation of corporate entities in the country. A foreign entity intending to do business in Nigeria is required by the Companies and Allied Matters Act (CAMA) to incorporate a Nigerian company for that purpose. Branch operations or offices of foreign companies are not allowed in the country except in...
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