Economy

Operators task new FIRS boss on VAT, withholding tax on capital market transactions

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Capital market operators on Tuesday urged the new Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., called for the removal of VAT on capital market transactions.


Kurfi said that the new chairman should harmonise various taxes in the country for easy administration and better returns.

He urged Nami to map out strategies that would raise the country’s contribution of tax revenue to Mr Moses Igburde, the Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), urged the new FIRS boss to learn from the mistakes of Fowler.

Igburde said that the new chairman should address issues of multiple taxation and gangster way of collecting taxes from taxpayers.

According to him, FIRS should engage the companies and other tax payers rather than adopting gangster approach.

FIRS must leverage on technology and modern infrastructure to collect and monitor tax collections,’’ he added.

Igburde charged FIRS to introduce friendly tax policies that would encourage companies to pay their taxes willingly.

He stressed that taxpayers would be willing to pay taxes if government at all levels ensure provision of the needed infrastructure, security as well as ease of doing business.

Mr Boniface Okezie, the National Coordinator, Progressive Shareholders Association of Nigeria, called for the elimination of multiple taxation in the country.

Okezie stressed the need for provision of massive infrastructure across all geopolitical zones to encourage people to pay taxes.

He also called for introduction of tax incentives such as award of government contracts to taxpaying companies to increase tax net.

Edited by: Ese E. Ekama
(NAN)

 

https://nnn.ng/operators-task-new-firs-boss-on-vat-withholding-tax-on-capital-market-transactions/

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