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FG tasked on exploring digital taxation

The AGF assured that the federal government would take every advantage of the strategies to boost the revenue drive of the federation.

The Institute of Chartered Accountants of Nigeria (ICAN) has urged the federal government to explore the multi-billion dollar digital transactions taxes and other non-oil sectors to reflate the economy as only less than 40 per cent of Nigerians respond to tax remittance.

The Chairman, Kano/Jigawa district of ICAN, Dr. Abubakar Umar Faruq, stated this Thursday during a virtual meeting with the Accountant General of the Federation (AGF), Ahmad Idris.

“Nigeria is not benefitting anything from these transactions. This is a wasted opportunity. We suggest the federal government must rise and make a useful advantage from it.

“In 2016, the digital transactions were estimated to be worth about $11.5 trillion, equivalent to 15.5 per cent of the world’s overall GDP,” he said.

The meeting was to present the outcome of research work tagged, ‘Initiatives for Broadening Nigeria’s Non-oil Revenue Base,’ funded by the AGF office.

The ICAN chairman listed three major strategies to enhance Nigeria’s tax drive – digital transactions, mining exploration and blue economy activities.

The AGF assured that the federal government would take every advantage of the strategies to boost the revenue drive of the federation.