Business
Tax Laws Harmonisation ’ll Eliminate Multiple Taxation
A chartered banker in Port Harcourt, Mr Mark Egba has said that the harmonisation of tax laws by all tiers of government would eliminate the incidence of multiple taxation.
Egba, who disclosed this to The Tide in Port Harcourt in a chat, Wednesday said that many organisations have suffered so much from the effect of multiple taxation, which in turn has affected their businesses.
He defined multiple taxation as a situation where the same tax base is taxed more than once by different jurisdictions, pointing out that this was affecting the economy of the country.
Egba who is an officer of the Growth and Employment in States (GES) which is a project funded and managed by Adam Smith International, and is involved in improving the business environment in Nigeria through tax harmonisation in the various states, urged the Joint Tax Board to intensify efforts to curb the incidence of multiple taxes.
The financial expert, who has a specialisation in taxation, stressed the need for the Federal Government to review the existing laws and ensure compliance with the provisions of the constitution on tax matters by all.
He said “the best way to handle multiple taxation is to review the existing tax laws at all levels of government to close up loopholes in existing laws.”
According to him, there should be harmonisation of tax laws among all tiers of government to eliminate clearly overlapping collections of same or similar taxes and levies.