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Home Business News

IMF: Increase tax rate to manage fiscal crisis?

CSL Stockbrokers by CSL Stockbrokers
October 17, 2019
in Business News, Markets, Op-Eds, Politics, Research Analysis
Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics
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Despite our contrarian view on IMF’s recommendation, we agree that Nigeria’s debt position puts the economy at the edge of a fiscal crisis if the government does not find ways to manage its fiscal position. Nigeria’s tax revenue to GDP ratio remains one of the smallest in the world which implies there exists a strong revenue potential from taxes.

However, we believe this should be achieved by expanding the tax net rather than raising tax rates. Tax evasion still remains prevalent in Nigeria.

 

RelatedPosts

Nigeria’s tax system may create social problems for government – Taiwo Oyedele

Inflation, debt and food crisis pushing economies of Nigeria, others to the brink – IMF

We believe improved transparency and efficiency in the tax collection process would also provide a significant boost for government revenue given that many people and institutions are still outside the tax net.

Finally, we believe the Federal Government needs to rein in on its “wishful” spending habits. The irony of having one of the highest cost of governance in a country where many live under extreme poverty conditions continues to impact on recurrent spending.

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[READ ALSO: Telecommunications: 5G Technology]

Furthermore, attempts by the government to bear a significant portion of the burden of bridging the infrastructure gap is unhealthy for its finances. In our view, the federal government needs the back seat as a policymaker and regulator while creating policies that will encourage the influx of private capital into sectors where key infrastructure needs revamping.

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_______________________________________________________________

CSL STOCKBROKERS LIMITED CSL Stockbrokers,

Member of the Nigerian Stock Exchange,

First City Plaza, 44 Marina,

PO Box 9117,

Lagos State,

NIGERIA.

[READ MORE: Trade: Customs ban imports and exports via land borders]

 

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