Nigeria’s informal sector, a major source of economic growth, competitiveness and productivity, is neither taxed nor regulated by the government. Data reveals the economic activity within this sector provides 50% of the nation’s gross domestic product . Most of the jobs tend to teach technical and entrepreneurial skills, which help develop managerial competences in private…
There are 77,082 value-added tax filing businesses out of 3,098,193 registered companies. However, the IMF found that only 16.7% of the working population pay taxes on earned income. The country should design a policy that mitigates undeclared market activities that may lead to money laundering, black market transactions and other financial crimes.
In a report published by StarBiz, Ernst & Young Asian tax leader and managing partner, Amarjeet Singh, said digitising the tax system is the most important area to focus on.
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