Indirect Taxes Worth N2 trillion Paid in Nine Months.

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The tax burden on Nigerians grew by N285.13 billion in the first nine months of 2022 despite a recession and increasing inflation.

According to the National Bureau of Statistics, Nigerians paid N2.01 trillion in indirect taxes during the reviewed period, a 16.57 percent rise over the N1.72 trillion paid during the same period of 2021.

The Gross Domestic Product of the country increased by 2.25 percent (year over year) in real terms in the third quarter of 2022, the NBS reports, a decrease of 4.03 percent from the third quarter of 2021.

The Federal Government must speed up the implementation of tax administration changes, broaden tax coverage under a well-designed roadmap, and reinforce taxpayer segmentation, according to the International Monetary Fund. It also suggested the government to increase VAT by 100 per cent from 7.5 per cent to 15 per cent by 2027.

Punch

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