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Nairaland Forum / Nairaland / General / Politics / IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge (14962 Views)
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Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by grandstar(m): 5:13pm On Oct 14, 2023 |
I support higher tax revenues but not higher tax rates. Nigerias company tax rate is 32% if you include the education tax of 2%. In the OECD countries, the tax rates average around 25%. India discovered a lower tax rates led to higher tax revenues. Tax compliance rates rose with lower taxes. I feel the government should reduce company tax to 12 5% inclusive of education tax of 2%. This will note only boost the tax base, it would also encourage massive investments which would transform the economy. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by boldtruthalways: 5:14pm On Oct 14, 2023 |
Nonsense IMF |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by correctguy101(m): 5:16pm On Oct 14, 2023 |
JuanDeDios: Fine points. The fate of the weak is always to be plundered. It'll be difficult as there's no goal or ideology to get better to work with. And the pretenders in charge of affairs in the continent are simply managers of their bosses business. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by grandstar(m): 5:16pm On Oct 14, 2023 |
abhosts: What's your solution? |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Semaj77(m): 5:17pm On Oct 14, 2023 |
JuanDeDios: And that is where the cruelty comes from , they are well aware of the low productivity in African countries yet want they want their governments to impose higher taxes on their citizens |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by COMPAQ(m): 5:17pm On Oct 14, 2023 |
soccerlite: Many people collect rent and don't pay a dime on it. I have 3 properties and I don't pay shi shi |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Reference(m): 5:19pm On Oct 14, 2023 |
ogododo: That is to set the country on fire. Higher taxation on top of inflation induced by poor governance in response to structural changes? And then you begin to hear of billions stolen by government officials...? Any taxation government proposes to harvest must be on the back of what the government has been able to seed in the form of job creation, business expansion and economic liberalization. Reverse the trend of job losses, reverse the trend of business bankruptcies and you have increased revenue automatically. Then there are large swathes of potentials trapped in the structure of state where the Federal government and its agencies hold monopolies. The so called 'exclusive list' is more like a jury presentation of 'death to the economy'. When economies are in a crises resources flow to the sectors of higher efficiency. Governments are deliberately made smaller, not larger by increased funding. The private sector is always the engine of economic recovery anywhere and should be aided at times like this, not bled to death. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Benwallt(m): 5:24pm On Oct 14, 2023 |
Make Una Kuku carry us go sell for international markets |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by victory36(m): 5:32pm On Oct 14, 2023 |
nairalanda1:Firstly, IMF advised Sri Lanka to tax fossil fuels to boost green energy, increase taxes on virtually everything, privatise government owned revenue generating enterprises which they did albeit with some minor discrepancies. Despite this, the IMF kept demanding more reforms before releasing the major reminder of the agreed loan . The government couldn't cope as the first set of reforms already caused jeopardy to both government and the people. This led to even the president absconding when things got heated. South Korea, Singapore, and Taiwan have a long history of shunning external (western) financing during their development years as it tends to slow down the pace at which they want to move due to its weird requirements. China follows suit later in the future |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by adioolayi(m): 5:35pm On Oct 14, 2023 |
Abi won s'epe fun awon guys IMF and Worldbank yi ni What's your own about Nigeria gan sef??! Anyone needs a soothsayer to know all these textbooks economic and financial principles and laws don't work for Nigeria We need generic home grown solutions to our problems...not all those laws of demand, supply, price elasticity, equilibrium, scarcity, wants and those know laws wey dey work for other countries. Nigeria is Unique...our market behaves as if e get legions of evil spirits controling am..so, those laws no dey work here..abeg! |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Reference(m): 5:42pm On Oct 14, 2023 |
Vision101: Why doesn't government start by a more efficient budget. Why doesn't it start by trimming its fats as an act of good faith. We have been talking about the cost of governance for decades. A nation this poor does not need a government this large. And I will continue to say this. The first casualties of a man that loses his job are his personal aides. He drives himself and cooks his food. He doesn't employ more helps. This government to the best of my knowledge has totally avoided the economic issue of the soaring cost of governance and if the citizens are saying there is a disproportionately high volume of resources going to government ( a government which bloats by the day) then there will be a serious flash point ahead. 3 Likes 1 Share |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Bigchristo: 5:44pm On Oct 14, 2023 |
ogododo:That man is not being honest he should’ve ask what is the salary structure of the average Nigerians that’s not up to $35 dollars monthly in minimum wage, when they hear Nigeria is 200m+ they think things are really working in Nigeria just kuku kill our people because you wan stabilize Naira, the same IMF couldn’t check the records of the past PDP govt for 16yrs how they managed to stabilize the country economically to make sure nothing affects the common man, the current devaluation of Naira is due to government useless economy policies mismanagement of funds and corruption |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by nick50(m): 5:45pm On Oct 14, 2023 |
The only idea that is inside an average yoruba person skull is how to tax people (owomida) see as him head be like pressing iron..cursed tribe 1 Like |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by surgical: 5:50pm On Oct 14, 2023 |
nairalanda1:if we get in return what the citizens of other civilised countries who pays gets ,we would be glad to pay because our quality of lives will improve significantly 1 Like |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by soccerlite: 6:00pm On Oct 14, 2023 |
COMPAQ: Lolzzzzz Half education is worst than no education You better go and dash govt the properties Wait With this your fish brain you really acquired 3 properties Unbelievable |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by soccerlite: 6:02pm On Oct 14, 2023 |
nairalanda1: Nonsense I don't argue with fish 🎏 brain |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Saintinoo(m): 6:02pm On Oct 14, 2023 |
ogododo: These guys are funny, they have successfully gotten Pres. Tinubu do their bidding by removing fuel subsidy and floating the naira against dollar, now they want him to increase taxes, straight to hell for Nigerians. These policies are first world country kind of policy, not even suitable for emerging economies. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by MountHoreb: 6:14pm On Oct 14, 2023 |
Rogue politicians will steal and the poor masses will be taxed to repay the debts. God forbid this nation. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by themanderon: 6:16pm On Oct 14, 2023 |
Our leaders have sold us into the hands of these globalist devil's. They will never allow Africa to be truly independent. China has broken off from their stranglehold look where they are today but see African leaders foolishly mortgaging the future of the countries. The Structural adjustment rubbish is what killed us but our foolish leaders never learn. 1 Like |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by wildernessVoice: 6:19pm On Oct 14, 2023 |
All IMF policies are meant for more hardship in 3rd world countries. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by SIRmanjar(m): 6:25pm On Oct 14, 2023 |
Stupid man.All this foreign bodies are happy with the hardship Nigerians are facing. They are misleading our leaders to make policies that will cause suffering on purpose |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by B2B5000: 6:34pm On Oct 14, 2023 |
How can people whose economies are tanking advise us on how to save our own? Bleep the IMF! |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by HRMK: 6:58pm On Oct 14, 2023 |
YES,HIGHER TAXES FOR THE MONEYBAGS THAT COULD AFFORD THE USE OF PRIVATE PLANES!NOT THE POOR MASSES!! |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by gaspology(m): 7:07pm On Oct 14, 2023 |
Useless IMF...as if the suffering we are undergoing is not bad enough |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Maga123: 7:30pm On Oct 14, 2023 |
😆😀😀higher taxes abi but who will collect the taxes we don't trust our govt officials ooo. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by PHAYOL81: 7:41pm On Oct 14, 2023 |
Increase manufacturing capacities, promote and sustain security of lives and properties, encourage subsistence farming and empower farmers, create massive government plantations across all six regions and ensure borders are open but carefully controlled with good excise duties....and trust me, the economy will gradually rebound favourable |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by nairalanda1(m): 7:43pm On Oct 14, 2023 |
soccerlite: Thanks, and good evening. Have a pleasant rest of the year. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by nairalanda1(m): 7:46pm On Oct 14, 2023 |
surgical: The problem is, our tax revenue is too low to even build one eight of what citizens in 'civilised countries' enjoy. The oil revenue which forms 80% of our total revenue is enough if we just had 2 million people, not the 200 million plus we have. (and even if you dispute it, we have at least 100million people in this country) We need money now. 70% OF Nigerians do not pay tax to federal and state coffers. If not tax, then all we have left is to take another loan...which means we get into IMF's traps even more The demon called IMF is generously offering us a way out of its captivity. We better take it. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by nairalanda1(m): 7:47pm On Oct 14, 2023 |
victory36: And Sri Lanka ended up in loans because 1) it was a resource dependent country that 2) had low tax income. If you want to be free of IMF loans...1) be an exporting industrial country 2) get most of the taxable people to PAY TAX. 1 Like |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by nairalanda1(m): 7:52pm On Oct 14, 2023 |
jacobs2015: Actually, the IMF wants us to develop well well. But the problem is, we run economies that are dependent on poor sources of income. We sell raw material X whose price is not set by us, and which 100 other countries are also selling, meaning prices crash. And when the price crash, we have no option but to take loans. The honest truth is that IMF wants us developed, because a poor impoverished Africa means more black immigrants coming to the West, and eventually costing the West too too much money, and also fuelling the rise of far right parties...which the elite do not want. It is in their interest for us to be profitable. The IMF is telling us this because 70% of taxable Nigerians DO NOT PAY TAX to the government, and because 80% of our income comes from oil, whose price can be over 100 dollars per barrel today, and below 20 dollars per barrel tomroow..meaning we have to borrow to pay for revenue shortfalls...which is how we end up in the hands of IMF in the first place. Let's face some hard truths. Either we pay more taxes, all of us, or we keep on having to take loans from IMF because oyel prices are not high enough for us. |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Vision101(m): 7:53pm On Oct 14, 2023 |
Reference Why doesn't government start by a more efficient budget. Why doesn't it start by trimming its fats as an act of good faith. We have been talking about the cost of governance for decades. A nation this poor does not need a government this large. And I will continue to say this. The first casualties of a man that loses his job are his personal aides. He drives himself and cooks his food. He doesn't employ more helps. This government to the best of my knowledge has totally avoided the economic issue of the soaring cost of governance and if the citizens are saying there is a disproportionately high volume of resources going to government ( a government which bloats by the day) then there will be a serious flash point ahead. @me I support your assertion. 1 Like |
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Osoboshi: 7:56pm On Oct 14, 2023 |
JuanDeDios:point out those asian countries. |
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