Acting chairman of the Federal Inland Revenue Service, Zacch Adedeji, has allayed fears being expressed by corporate organisations that the resolve of FIRS to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 will lead to increase in taxes.
Adedeji in a statement said such resolve would not necessarily lead to increase in taxes or introduction of new taxes, as the President Bola Tinubu-led administration was determined to create a wholesome environment for businesses to flourish.
The FIRS chairman had said the agency would in the next three years, achieve eight per cent raise in tax-to-GDP ratio to surpass Africa’s average of 16.5 per cent without stifling investment or economic growth.
The plan had triggered muffled apprehensions that the decision could cause an increase in tax rates or introduction of new ones.
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