The Implementation of executive order instrument signed by the acting president Yemi Osinbajo on Asset declaration remains a needed tonic for effectiveness of tax compliance Mrs Kemi Adeosun Has Said.
In an interview with journalists in Abuja, the nations capital, the minister stated that at six per cent tax-to-GDP ratio, Nigeria’s tax compliance rate was low while most nations are at between 30 and 32 per cent.
“Prosperous nations have high levels of tax compliance while poor nations have low rates. Nigeria aspires to be a prosperous nation, so this problem must be solved,” Adeosun said.
“In the past, tracking true income and assets would have been difficult but now, it is at the touch of a button,” she said.
“The Community Tax Liaison Officers (CTLO), who are graduates recruited through the N-Power programme, would go into their communities, schools and other public places to raise awareness and help increase tax enrollment. We are recruiting a total of 7,500 CTLOs through this scheme,” Adeosun stated.
The minister gave assurances of the judicious use of funds, saying that “tax payment is part of the civic partnership between people and government which would enhance participation and accountability.”