Finance Minister Calls For Tax Harmonisation

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The Minister of Finance, Dr Ngozi Okonjo-Iweala has called for a harmonised tax system in the country for enhanced local and foreign investment.

Dr. Iweala who was speaking at a meeting in Abuja said multiple taxation has over the years served as a setback to the penetration of the Nigerian market.

She also said that in spite of the achievement of twenty six per cent revenue collection in the past five years, a lot still needs to be done to support the growth of both small and big businesses which she says is key to the provision of employment for the nation’s youths.

The move is aimed at ensuring that tax treaties entered into would provide the maximum value for the country.

The tax system, being the main mechanism through which the government can influence private investment decisions, she added, is at the heart of the administration’s reform agenda.
“We must reform our tax system for Nigeria’s competitiveness in the global economy to improve.”

She said the Jonathan administration would continue to work hard on other reforms to improve the country’s investment climate, assuring that resources are being channelled to address the security challenges bedeviling the country.

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