Expert Advocates Heavy Penalty Against Tax Rule Violators

A director with

PriceWaterhouseCoopers (PwC), Mr Taiwo Oyedele, has called for imposition of heavy penalties against those who violate tax regulations.
Oyedele said this while delivering a speech on “ Rebasing the tax system for revenue generation beyond Oil” at the just concluded Annual Tax Conference (ATC) in Abuja on Friday.
The Tide source reports that conference was organised by the Chartered Institute of Taxation of Nigeria (CITN ) to chart way forward on pertinent issues in the country tax systems.
Oyedele said it was obvious that the oil sector was no more yielding the required revenue to the country hence the need for diversification.
He said the governments in the country had not done much to boost tax earnings from other sectors.
“Why should entertainment Industry, that contributed 500 billion pounds as tax revenue in United Kingdom contribute zero per cent tax revenue in Nigeria, after such investment in the sector by the federal government,’’ he asked.
He, therefore, urged the incoming government to ensure only good hands are employed to handle tax administration and eliminate corrupt practices in tax collection.
Oyedele further said that the country needed to implement the new National Tax Policy (NTP) adding that double taxation could lead to revolt.
He alleged that manufacturers in some states are made to pay over 127 taxes and levies.