‘Review tax treaties now’
Piqued that Nigerian and other countries in the West African sub-region have been losing revenue to tax treaties signed with different nations and multinational companies, ActionAid Nigeria, and key labour unions in the country have urged the Federal Government to review taxation treaties.
The Country Director, ActionAid Nigeria, Mrs. Ojobo Atuluku, who stated this during the West African Summit of Civil Society Organisations, Labour and tax experts on double taxation, lamented that Nigeria and other regional nations were wilfully giving away resources that would have been utilised for developmental projects.
Atuluku, while stressing that it was high time Nigeria abolished all unproductive incentives and tax breaks, explained that double taxation treaties, as presented, were aimed at creating enabling environment for businesses to thrive, drive investment, encourage trade and facilitate trade balance among nations in the treaties.
“However, studies by ActionAid and other development agencies as well as individuals, have shown over time that there is a need to take more than a mere cursory look at the treaties,” Atuluku said.