A professor of tax and fiscal matters, University of Lagos, Abiola Sanni, has said that the National Tax Policy will reduce the tax burden of the Micro Small and Medium Enterprises and ensure speedy tax dispute negotiation.
Sanni, who is the Chairman of the National Tax Policy review team, added that a combination of tax, monetary and macro-economic policies will get the country out of recession.
He made this known at the investiture of the Chairman of the Chartered Institute of Taxation of Nigeria, Ikeja District, Gbolahan Mabunmi, in Lagos.
He noted that the revision of the tax policy was a decisive step towards economic recovery and should be urgently followed through with appropriate tax laws aimed at addressing specific manifestation of recession.
According to him, the policy will address scarcity of resources, reduction in demand for consumer goods, low capacity utilisation, job losses, lack of credit, worsening housing problems, stock market losses and weakening of key economic institutions.
Sanni explained, “Stakeholders must be aware of their responsibilities to make this happen as no policy can implement itself.
“As part of the implementation of the policy, tax authorities will develop key performance indices for Nigeria to attain a top 50 position on the global index of ease of paying taxes by 2020 and consistently improve on the ranking.
“They will work with the legislature to ensure that the requisite changes to tax laws are enacted together with the Appropriation Act of the same year; ensure automation of collection and remittance processes of taxes by all ministries, extra-ministerial departments and agencies, and create a dedicated tax policy website.”
culled from www.punchng.com