Organized Labour in Nigeria has called on the Federal government to explore tax Waivers to fund the deficit in the 2018 National budget. They believe the Government can collect more revenue by reducing unnecessary tax incentives to Multinational Companies.
Helen Osamede-Akins reports that tax waivers are incentives provided by the government to aid
industrialization and quicken economic growth.
According to a report by Action Aid and Tax Justice Network Africa, Nigeria government losses about 2.9 billion dollars yearly to tax wavers. With this huge yearly loss, it is no wonder that the country continues to run a deficit Budget
The federal government had revealed that the 2018 budget deficit would be financed by borrowing 1.643 trillion Naira from both domestic and foreign sources.
These bodies want government to collect more revenue by reducing unnecessary tax incentives to multinational companies in order to offer set the deficit in the 2018 budget.
Commending the federal government effort in dealing with illicit financial flows and asset theft in the Country, they Want the government to give adequate records of how the recovery funds are
used.
They believe that the government’s fight against illicit financial flows will be more successful with the involvement of all stakeholders.
