The Elite And Underpaid Tax…
Posted on August 1, 2023
If someone with a net worth of 600 million Naira declares an annual income return of one million Naira or less for the last five years, there is a problem.
The fact that Nigerian businessmen and women, politicians, and others continue to take advantage of the tax exemption for NGOs under the guise of being non-profit organizations should disturb us.
How would Nigeria transition to a tax-based economy to have enough for development of the country if a person worth 600 million Naira declares less than a million Naira as annual income and while their NGOs are robust enough financially.
Unfortunately, there is no legal framework (Act) in the country that regulates the incorporation of NGOs and politicians, who trick the system and avoid paying taxes have continued to knock the NGO bill in the National Assembly.
Nigerian elites hardly pay adequate taxes.
©Uloka Chibuike
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