A Home of Reps member, Olufemi Fakeye is of the opinion that homeowners of small and medium-sized enterprises together with carpenters and taxi drivers ought to be made to pay tax.
Fakeye who’s a member of the ruling APC and represents Boluwaduro/Ifedayo/Ila federal constituency of Osun state in the home, stated this whereas making his contributions to the 2022 funds debate throughout a plenary session on Wednesday, October 13.
The finance act 2020 exempts small corporations with an annual turnover of no more than N25 million from paying firm revenue tax (CIT).
Whereas calling for the companies to be taxed, Fakeye opined that this will likely be one other income for the federal authorities to finance the funds.
“Why I salute the honorable speaker and my colleagues herein seated and even the senate for complying with the request by the chief that we reset the button to a January to December cycle for funds making; I believe it’s honest to count on that if we do this — which now we have finished, there ought to be a correctly timed implementation of the funds. I do know it’s simple to speak, it’s tougher to implement,” he stated.
I like to inform the chief; if you’ll borrow to implement the mission for a 12 months — they need to be borrowing January, February, and March not borrowing or making an attempt to rearrange the borrowing within the third or fourth quarter of the 12 months for which you need to implement.
I’m conscious proper now and it has been stated right here that solely two quarterly releases have been made now — we’re within the final quarter of the 12 months. That makes a joke of all the trouble that we put in day in, time out to make sure that the funds is handed in time. Carpenters, taxi drivers ought to be made to pay tax. They make some huge cash – Home of Reps member says
And I take note of income shortfall for the federal government and I start to ask myself and I recall once I was younger, everyone pays taxes. Whether or not you’re a farmer, your daddy was a carpenter, no matter he did for a dwelling, he paid tax.
Now now we have tended to forgive everyone their taxation besides those that have an revenue the place the tax is taken out of your revenue and the remaining paid to you.
I believe our tax reform ought to be such that each Nigerian has an opportunity to contribute. Go on the market and discuss to 80 p.c or 90 p.c of the individuals of Nigeria, lots of them which can be self-employed; they don’t pay tax anymore
So once we hear FIRS or tax organizations, even the tax joint board widening the tax internet; why do they draw back from discovering a approach to make individuals pay — whether or not you’re a carpenter, you’re a taxi driver, you’re promoting rice out there — these individuals make some huge cash however they don’t get to pay something. So I believe that’s an space I want to see revenue-boosting.”