Federal Government Targets $1bn in New Tax Policy

   The federal government has announced a new tax scheme that is expected to generate an estimated US$1 billion in the next three years.

   The new policy is expected to kick off on May 1 and is expected to run for six months and tax payers will be allowed up to 3 years to settle their liabilities.
  This was disclosed yesterday by the Chairman of the Federal Inland Revenue Service, FIRS ,Babatunde Fowler, after the National Executive Council meeting which was attended by the 36 states governors and presided over by vice president, Yemi Osinbajo at the Presidential Villa.
  He was joined at the briefing by the governor of Abia State, Okezie Ikpeazu and deputy governor of Kaduna State, Bala Bantex.
  Fowler lamented that the under payment of tax via the use of Tax Havens and other evasion strategies has not been helpful to Nigeria.
  According to him, this practice has been principally perpetrated by multi-national companies and high net worth individuals noting that Nigeria has the lowest non-oil tax to GDP at 6%.