Tuesday, 7 November 2017

Over 800,000 Companies In Nigeria Don't Pay Taxes ..Fianance Minister Adeosun


Nigeria's Finance Minister, Kemi Adeosun has revealed that over 800,000 companies in the country, including government contractors, have never paid any taxes.

In a statement from her office, 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 is "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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