Tax authorities in Nigeria have been warned against scaring off foreign investors from the country in their efforts to shore up government revenues.
A managing consultant, Albert Folorunsho said the global tax compliance drive would have its implications on foreign direct investment.
Tax revenues accounts for more than 80 percent of all government revenue in about half of the countries in the world and more than 50 percent in almost every country.
But tax compliance continues to remain a controversial subject with large corporations and celebrities regularly dragged to courts for failing to make tax returns.
President of the chartered institute of taxation and the 3rd state chairperson of the society of women in taxation agree that a more friendly tax environment will help shore up revenue in a sustainable manner.
The conclusion here is that aggressive tax drive by authorities could impact foreign direct investments negatively and scare investors away at this time when government needs more revenue from the non oil sector of the economy.
