The Federal Government, FG, has indicated that its plan to raise tax to Gross Domestic Product, GDP, ratio to 18 percent in the next three years would be achieved through enforcement of compliance to relevant tax laws.
Speaking at the Commerce and Industry Correspondents Association of Nigeria, CICAN Annual Workshop/Awards themed: “Effects of Federal Tax Reform on Economy”, Chairman of the Federal Inland Revenue Service, FIRS, Dr Zacch Adedeji, said this would allay the fears in some quarters that the targeted revenue may engender the imposition of additional or new taxes.
Adedeji who was represented by Director/Coordinator, FIRS, Lagos Island, Mrs. Fadekemi Oyeniyi, underscored taxation as the lifeblood of any economy, saying it provides the necessary funding for government to carry out its functions and implement policies that foster growth and development.
He stated: “It is therefore imperative that our tax policy reforms are effective, fair, and encourage investment and innovation. Over the years, Nigeria has recognized the need for tax policy reforms to address the challenges faced by businesses and create an enabling environment for economic growth.