Mr. Jacob Babalola Okele, a tax consultant advocated the Wealth Tax while delivering the first annual Chief David Ajibola Olorunleke, the doyen of taxation, birthday lecture, oragnaised by the Chartered Institute of Taxation in Nigeria in Lagos, at the weekend.
“I suggest that the government introduced the Wealth Tax in Nigeria for wealthy individuals. I am aware that Nigerians in this category make use of corporate bodies to hide their identities. The corporate veil can be lifted to know who the owners of those companies are for the purpose of taxation,” he said.
He said the tax should be for the benefits of their states of residence, thus presenting an opportunity for the states to increase their internally generated revenue and reduce dependence on the federal allocation.
