Nigeria and other African countries could increase tax revenue by as much as $72 billion or 4.6 per cent of Gross Domestic Product (GDP) yearly if comprehensive tax reforms are carried out, the Economic Commission for Africa (ECA) says.The proposed comprehensive tax reform is one of the recommendations in the 2019 Economic Report on Africa (ERA) recently unveiled. Despite measures taken in the last two decades to improve tax administration on the continent, with potentials for raising additional tax revenue by closing obvious gaps, glaring inefficiencies still remain.For Nigeria, however, there are concerns among the Organised Private Sector (OPS) over the planned increment in Value Added Tax (VAT), rather than expansion of the tax net, as this could hinder economic growth and increase misery.
Source: Guardian.ng
