Posted on Tue 7 Nov 2017, 04:18 AM

More than 800,000 companies in Nigeria, including government contractors, have never paid any taxes, Finance Minister Kemi Adeosun has revealed.

In a statement, she also said that only 14 million Nigerians, out of an economically active base of 70 million, paid taxes.
Of the 14 million, more than 95% were salary earners in the formal sector, but only 241 people paid personal income taxes amounting to about $65,500 (£50,000) in 2016, Ms Adeosun said.

There was “systematic tax evasion at all levels”, and the government planned to step up efforts to increase tax collection, she added.

This would help reduce government reliance on oil revenue, Ms Adeosun said.

 

Add new comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
By submitting this form, you accept the Mollom privacy policy.
Get the Latest News updates from Homeland New. Read more
Phone: +234 818 217 4858
Email: info@homelandnewsng.com

Newsletter

Subscribe to our Newsletter to get latest updates!

Connect With Us