Tax practitioners operating in the country said there is need for comprehensive reforms of the Value Added Tax regime with focus on small business and imported items.
They spoke at a sensitisation seminar on proposed VAT increase and non assented housing fund bill.
The recent global crisis in the world has brought to the fore the need to de-emphasize the over dependence on oil and re-emphasize the need to diversify the nation’s resource base and long term growth plan.
The Nigerian government has shown interest in growing the tax base, a move that has continued to generate comments from all concerned parties.
The chartered institute of taxation of Nigeria has put up this seminar to look critically at the propsed VAT increase the non assented housing fund bill.
Panelist here want government and concerned parties to open up discussions around taxation, they say this will help address any form of imbalance.
Tax professionals here want government to follow due process and focus mainly on luxury items, while holding a standard rate of 5 percent for non luxury items as well as broaden the tax base.
