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Adeosun: 363,000 Companies Never Paid Any Tax - Politics - Nairaland

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Adeosun: 363,000 Companies Never Paid Any Tax by emamos: 9:10am On Apr 16, 2016
Minister of Finance, Mrs. Kemi Adeosun, has disclosed that in the last seven months, the Federal Government has discovered 363,000 companies operating in Nigeria that have never paid any tax before. These companies were said to have evaded several billions of naira in taxes.
Adeosun, who made this disclosure yesterday at a panel discussion on “Sub-Saharan Africa: Just a Rough Patch” on the side-line of the ongoing 2016 spring meetings of the IMF-World Bank in Washington DC, USA, said getting the tax evaders to fulfil their tax obligations and ensuring unpaid taxes are remitted to treasury is a major priority of the government.
Adeosun stressed that there were enormous revenue realisable from taxation to keep the economy going on a sustainable level without bothering about oil revenue. Realising that taxation is a goldmine yet untapped, she pointed out that the government had been working assiduously to ensure it plugs all loopholes in tax revenue collection.
According to her, “there are still low-hanging fruits in revenue collection. We are using technology, we are using cashless platforms and we are very serious about hitting those targets. Are there risks, yes, are we aware of them, are we trying to mitigate them in our action plan, absolutely yes.”
Lamenting that at the moment, the economy recorded only 5 per cent government revenue to GDP but now targeting 10 per cent, Adeosun noted that the level of compliance in VAT revenue collection was 12 per cent.
Adeosun explained that the federal government’s approach was focused on improving the efficiency of tax collection and broadening the tax base.
“We are using technology to enhance collection, linking up databases from diverse government agencies, auto debits of VAT from corporate entities and government contractors and the rollout of Biometric Verification Number (BVN) across bank account holders. We have also ensured that FIRS staff receive increased incentive pay for delivery on targets,” she said.
Contrary to widespread notion, the minister insisted that Nigeria’s economic future is not gloomy. “We have a framework for our economic future,” she argued.
According to her, “this framework for the future will tackle our problems through three critical areas, namely fiscal discipline, targeted investment, diversification of the Economy.”
In the area of fiscal discipline, she said plugging the leakages must be approached simultaneously by tackling corruption, inefficiency and negligence. This, she noted, the administration had been doing.
Said the minister: “This administration has a strong focus on transparency and an increase in government openness. We will remain solid in our anti-corruption drive and continue in our commitment towards a streamlined administration.
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http://www.thisdaylive.com/index.php/2016/04/16/adeosun-363000-companies-never-paid-any-tax/
Re: Adeosun: 363,000 Companies Never Paid Any Tax by emamos: 9:11am On Apr 16, 2016
Naija
Re: Adeosun: 363,000 Companies Never Paid Any Tax by psucc(m): 9:17am On Apr 16, 2016
This government is best suited for traditional oracle where people can consult to make findings about their problems than manage the affairs of a nation.
Re: Adeosun: 363,000 Companies Never Paid Any Tax by thesicilian: 9:32am On Apr 16, 2016
Have you given account for the tax all the other companies paid? Our problem right from time has never been revenue collection, it is revenue misappropriation.
Re: Adeosun: 363,000 Companies Never Paid Any Tax by forgiveness: 9:34am On Apr 16, 2016
Pay ya tax.
Re: Adeosun: 363,000 Companies Never Paid Any Tax by cleatoris: 9:35am On Apr 16, 2016
Any wonder why lots of them contributed billions to fund Jonathan's campaign, just to be sure the freebies continue?

It is quite unfortunate that the youths who form the core of useful plonkers that call Jona a "Hero", are the exact category of people whose lives are worst hit by the effects of Jonathan's croneism, clientelism and gross inadequacies.

6 Likes

Re: Adeosun: 363,000 Companies Never Paid Any Tax by cleatoris: 9:47am On Apr 16, 2016
thesicilian:
Have u given account for the tax all d other companies paid? Our problem right from time has never been revenue collection, it is revenue misappropriation.
Who do you blame for the culture of misappropriation and institutional recklessness? Your greatest burden is to mention GEJ.

Will you acknowledge an account when rendered before your face?
And how well did your drunken buffon manage and render account on his plundering of our public finance?

7 Likes 1 Share

Re: Adeosun: 363,000 Companies Never Paid Any Tax by thesicilian: 10:01am On Apr 16, 2016
cleatoris:

Who do you blame for the culture of misappropriation and institutional recklessness? Your greatest burden is to mention GEJ.

Will you acknowledge an account when rendered before your face?
And how well did your drunken buffon managed and rendered account on his plundering of our public finance?
Honestly I can neither make head nor tail of your ramblings. I just made a statement of fact concerning our financial situation. I am no fan of GEJ vs PMB, APC vs PDP, or any other acronyms out there.

The fact is that it is unfair to the Nigerian populace to be asking for more tax when there are obvious loopholes in the management of what has already been paid in.

Just think of it as fetching water in a basket.

1 Like

Re: Adeosun: 363,000 Companies Never Paid Any Tax by Nobody: 10:03am On Apr 16, 2016
This is serious
Re: Adeosun: 363,000 Companies Never Paid Any Tax by cleatoris: 10:19am On Apr 16, 2016
thesicilian:
...unfair to the Nigerian populace to be asking for more tax when there are obvious loopholes in the management of what has already been paid in...
Too bad this admin is faultering after close to a year in power but people should stop being too eager to dismiss every of its report and findings in its bid to fix the system, without even understanding the imports of such reports.

Government/change is a process and there are NO perfect govts.

3 Likes

Re: Adeosun: 363,000 Companies Never Paid Any Tax by thesicilian: 12:41pm On Apr 16, 2016
cleatoris:

Too bad this admin is faultering after close to a year in power but people should stop being too eager to dismiss every of its report and findings in its bid to fix the system, without even understanding the imports of such reports.

Government/change is a process and there are NO perfect govts.
Yeah, true. We will pay our taxes, all we want is just transparency

1 Like 1 Share

Re: Adeosun: 363,000 Companies Never Paid Any Tax by Nobody: 1:06pm On Apr 16, 2016
cleatoris:

Too bad this admin is faultering after close to a year in power but people should stop being too eager to dismiss every of its report and findings in its bid to fix the system, without even understanding the imports of such reports.

Government/change is a process and there are NO perfect govts.

Buhari govt is perfect.... zombie!
Re: Adeosun: 363,000 Companies Never Paid Any Tax by PRYCE(m): 1:46pm On Apr 16, 2016
Another Propaganda brewing!...
Re: Adeosun: 363,000 Companies Never Paid Any Tax by cleatoris: 4:00pm On Apr 16, 2016
PRYCE:
Another Propaganda brewing!...
By "propaganda" you mean any story that you do not understand nor feel comfortable with, right?

3 Likes

Re: Adeosun: 363,000 Companies Never Paid Any Tax by PRYCE(m): 4:05pm On Apr 16, 2016
cleatoris:

By "propaganda" you mean any story that you do not understand nor feel comfortable with, right?
Nah... The kind this government has the penchant of creating outta NOWHERE!

BTW, been a while since any "dasukigate" arrest has been made...! Whatever happened to that propaganda I wonder!
Re: Adeosun: 363,000 Companies Never Paid Any Tax by aresa: 4:15pm On Apr 16, 2016
thesicilian:

Honestly I can neither make head nor tail of your ramblings. I just made a statement of fact concerning our financial situation. I am no fan of GEJ vs PMB, APC vs PDP, or any other acronyms out there.
The fact is that it is unfair to the Nigerian populace to be asking for more tax when there are obvious loopholes in the management of what has already been paid in.

Just think of it as fetching water in a basket.


The woman basically highlighted the problem and your concerns about the loopholes and explained what they are doing to address the problem and your concerns, but you ignored all that just to argue and do unnecessary agidi ...


You are not making any sense. Maybe because you don't know how to read and comprehend..
Re: Adeosun: 363,000 Companies Never Paid Any Tax by omowolewa: 4:19pm On Apr 16, 2016
Don't mistake them for the dead companies please. Most companies stay more than three years of existence.
Re: Adeosun: 363,000 Companies Never Paid Any Tax by cleatoris: 4:29pm On Apr 16, 2016
PRYCE:
Nah... The kind this government has the penchant of creating outta NOWHERE!
BTW, been a while since any "dasukigate" arrest has been made...! Whatever happened to that propaganda I wonder!
Does your ignorance of further arrest linking to dasukigate negate the fact that defence funds were actually misappropriated under Jonathan's watch?
And, which do you prefer, a continued arrest and detention of all corrupt persons or to allow the judiciary do its job?

3 Likes

Re: Adeosun: 363,000 Companies Never Paid Any Tax by PRYCE(m): 4:42pm On Apr 16, 2016
cleatoris:


And, which do you prefer, a continued arrest and detention of all corrupt persons or to allow the judiciary do its job?
Y you asking me which one I prefer? Buhari's already doing it the military way... So what has my choice got to do with it?

Does your ignorance of further arrest linking to dasukigate negate the fact that defence funds were actually misappropriated under Jonathan's watch?

How sure are you that funds were misappropriated or that it wasn't propaganda from the start? You sound as though you are sure!...

Furnish me with proof or let me savour my luxury of skepticism judging by this government's high affinity to raw, uncooked lies!

BTW, Dasuki is still denying the government's accusations... so I'm kinda lost as to what makes you so sure...
Re: Adeosun: 363,000 Companies Never Paid Any Tax by thesicilian: 5:21pm On Apr 16, 2016
aresa:



The woman basically highlighted the problem and your concerns about the loopholes and explained what they are doing to address the problem and your concerns, but you ignored all that just to argue and do unnecessary agidi ...


You are not making any sense. Maybe because you don't know how to read and comprehend..
I am most likely to be wrong, but anyway I'll assume that you're a matured adult and thus reply you as such.

In nowhere in my comment did I mention that we don't or didn't know what our problems are as a nation. We don't need someone else to tell us what the problems are, neither do we need anyone to make more promises and plans, we are fed up with those after a whole year in office and no budget. What we want is action.

All I asked was a for a public official to give account for funds that had been previously allocated, while she was busy harping on the need to collect more. If you have ever paid tax actively in your life you'll understand what I'm talking about.
Re: Adeosun: 363,000 Companies Never Paid Any Tax by Amberon11: 5:34pm On Apr 16, 2016
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