By Emmanuel Afonne
Mrs Olajumoke Simplice, President, Chartered Institute of Taxation of Nigeria (CITN), has said that Nigeria will not progress without effective taxation system in place.
Simplice made this known at a Seminar on ‘’Current issues in Nigeria Taxation: VAT Act, Stamp duty, TIN and PTF’’, in Abuja on Tuesday.
“The Value added tax at five per cent cannot work; when it was promulgated in 1993, it was said that it will be reviewed over time; 25 years past, nothing has been done.
“In 2007, 2009 and 2019, attempts were made and there was a lot of noise around it. I think Nigerians just need to understand that we cannot progress without taxation.
“The days of oil revenue are completely over, we should be working on the issues of taxation,” she said.
She said that the 7.5 per cent VAT in the 2020 budget as part of revenue generation was laudable with the exemption of basic items from being taxed.
According to her, the items are the ones that affect the…
Source: News Agency of Nigeria
