New national tax policy will address issues of tax evasion in Nigeria

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People walk past roadside stalls with umbrellas in the central business district, near Marina in Lagos, Nigeria December 13, 2016.REUTERS/Akintunde Akinleye

The Association of Professional Bodies of Nigeria (APBN) says the new National Tax Policy will help address issues of tax evasion in the country.

Dr Idris Omede, APBN President, stated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja at the end of the association’s board meeting.

NAN reports that the Federal Executive Council had on February 1, 2017, approved a new National Tax Policy, which was presently awaiting the endorsement of the National Economic Council.

According to Omede, APBN at its board meeting hosted by the Association of National Accountants of Nigeria (ANAN) agreed that the new tax policy will also address issue of multiple taxation.

This, he said, had constituted additional burden to tax payers in the country.

He emphasised the role of professional bodies, tax practitioners, consultants and agents, adding that they should act in accordance with professional code of conduct and shun tax evasion and corrupt practices.

He further said that the new National Tax Policy would strengthen intelligence gathering and actively promote effective tax compliance.

Omede, however, stressed the need to judiciously use proceeds from taxation to better the lives of Nigerians through job creation, security, provision of basic infrastructure and social amenities.

He advised the Federal Government to ensure the provision of basic amenities as part of strategies to turn around the economy through judicious implementation of the 2017 national budget of recovery and growth.

Omede also called on the National Assembly to address issues of pending bills for amendment and passage.

The president called on the Assembly to include the association in its list on matters of budget or bills that had direct bearing with the profession and professionalism.

According to him, improving the health indices and data for a more productive nation will require government funding the sector better in line with global best practices and care for over 170 million population.

(NAN)

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