Speaking at the first annual lecture of the Lagos State Professorial Chair of Tax and Fiscal Matters at the University of Lagos, Minister of Finance Kemi Adeosundisclosed that Nigeria has 70 million taxable adults but only 40 million of them pay taxes.
She said that 13% of active tax payers have their taxes deducted at source under the Pay as You Earn (PAYE) category.
“I have kept asking why the 30 million people have refused to pay taxes. Another major challenge is the fact that many Nigerians have other sources of income, yet they are only taxed only through the PAYE. Yet, they earn so much from part-time jobs, and extra businesses,” Adeosun said, adding that tax policies need regular reviews and should not be rigid.
According to The Nation, Adeosun said new tax policies must capture online businesses, entrepreneurship and the creative industry.
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