Washington - The Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, has cautioned against the retention and practice of a regime of multiple taxation, Nation reports.
Okonjo-Iweala, who addressed a group of Nigerian journalists at the end of the International Monetary Fund (IMF)/World Bank Group meetings in Washington DC, said multiple taxation will be injurious to businesses and would, ultimately, hamper increased revenue to the government.
Also read: Okonjo-Iweala says Nigeria is not broke
She said her position on the review and overhaul of the nation’s tax system is supported by the governors, who in their last National Economic Council (NEC) meeting, recommended the option. “This is what they said they wanted, so it’s not even an issue with the Federal Government alone,” she said.
She said falling commodities’ prices and oil can be beneficial to global growth, and the International Monetary Fund (IMF) and the World Bank Group are estimating another one percentage growth for the world from this development.
Read more at Nation
- News 24