In the face of dwindling revenues and an increasing debt burden, the International Monetary Fund has tasked the government of Nigeria to increase the tax-to-GDP ratio by 9 per cent to boost tax revenues.
The Organisation also proposed strengthening the design of core taxes (VAT, excises, personal and corporate income taxes), with a focus on tax base broadening through reforming ineffective tax expenditures, more neutral taxation of capital income, and better use of real property taxes.
Source: businessday.ng
