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.
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“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.