Tax: From A Line Item To The Front Burner | KPMG | NG

Tax: From A Line Item To The Front Burner

Tax: From A Line Item To The Front Burner

Oil and gas extraction is a dominant source of export earnings and employment in most oil-producing countries. Nigeria is rich with mineral resources including oil and gas, but is overly dependent on oil generated revenue for the country’s economic development.

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Tax: From A Line Item To The Front Burner

Oil and gas extraction is a dominant source of export earnings and employment in most oil-producing countries. Nigeria is rich with mineral resources including oil and gas, but is overly dependent on oil generated revenue for the country’s economic development. This model is unsustainable due to the significant decline in oil revenue and has thus plunged the nation into deficit budgets. As a matter of extreme urgency and importance, the Nigerian government needs to generate adequate revenue from internal sources. The obvious question then is where will the additional revenue needed to fund the budget come from? The answer appears to be from non-oil revenue sources, including tax.

This report discusses themes such as what should taxpayers do, how the revenue authorities can increase tax revenue, encouraging voluntary tax compliance & improving tax authorities’ technical competencies.

© 2017 KPMG Professional Services in Nigeria, a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.

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