{"id":34796,"date":"2019-09-23T12:03:14","date_gmt":"2019-09-23T11:03:14","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=34796"},"modified":"2019-09-23T12:03:14","modified_gmt":"2019-09-23T11:03:14","slug":"nigerias-company-income-tax-amongst-highest-in-the-world-says-oyedele","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-company-income-tax-amongst-highest-in-the-world-says-oyedele\/","title":{"rendered":"Nigeria\u2019s Company Income Tax Amongst Highest In The World, Says Oyedele"},"content":{"rendered":"<div>Nigeria has one of the highest company income tax rates globally which is a disincentive for business growth, Tax leader, PwC Nigeria, Taiwo Oyedele has said.<\/div>\n<div><\/div>\n<div>He spoke \u00a0on Saturday at the Finance\u00a0Correspondents Association of Nigeria, FICAN annual \u00a0workshop\u00a0themed \u201cUnlocking Opportunities in Nigeria&#8217;s Non-Oil Sector&#8221;.<\/div>\n<div><\/div>\n<div>According to Oyedele, Nigeria is in the top 10 in the world, for highest income tax rate.<\/div>\n<div>\u201cWe pay Company Income Tax, CIT 30%, education tax, 2%, whatever is left, we pay withholding tax of 10%. If you add it together, it is more that 40% already. If you now make a mistake of having a group and you say it\u2019s a holding company, another 30%. Who does that?\u201d he said.<\/div>\n<div><\/div>\n<div>Speaking further, he said: \u201cWhen you start a business today, there is something called commencement rule. It is supposed to punish you during commencement, so that you pay tax twice. It does not make sense.\u201d<\/div>\n<div>To address this challenge, the tax expert advised that operators in the private sector should focus on demanding for removal of some of these disincentives that affect business operations.<\/div>\n<div><\/div>\n<div>\u201cWhat I keep saying to government is that I can insist that I have a pot that is this small and I say I must get 60% of this pot by all means. Or I allow this pot to be big enough and then get 10% of it. Government must remove tax disincentives.\u00a0One thing I am asking the business community is stop asking the government for incentives because they will think they are doing you a favour. Ask them to remove the disincentives that are not allowing us to do business,\u201d he said.<\/div>\n<div><\/div>\n<div>He also called on the authorities to change their thinking about taxation as current approach has only made compliance difficult.<\/div>\n<div><\/div>\n<div>He said: \u201cOur thinking around taxation is completely upside down as a country. Nigeria does not seem to understand that you need to be prosperous so that you can pay tax. So, tax does not just fall from heaven.\u201d<\/div>\n<div><\/div>\n<div>\u201cAs a government, I should help you make money so that you can pay me tax. Its just common sense. \u00a0Nigeria has a tax system that does not allow businesses to thrive, whether you are small or big,\u201d he added.<\/div>\n<div><\/div>\n<div>He noted that \u201cthe reason Nigeria cannot make money from tax, and is not a curse, is that it continues to beat up the people at the bottom of the ladder. But they cannot give you what they don\u2019t have. In societies where they think things logically, they focus on the top 1% who are the rich and big companies and they will get the desired tax result,\u201d he said.<\/div>\n<div><\/div>\n<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Nigeria has one of the highest company income tax rates globally which is a disincentive for business growth, Tax leader, PwC Nigeria, Taiwo Oyedele has said.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":34797,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[2691,6188,6189],"coauthors":[2391],"class_list":["post-34796","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-fican","tag-nigerias-company-income-tax","tag-pwc-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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