Minister of Finance, Kemi Adeosun says: “over 800,000 companies have never paid taxes
Nigeria’s Finance Minister, Kemi Adeosun has revealed that over 800,000 companies in the country, including government contractors, have never paid any taxes,
In a statement from her office, she also said that only 14 million Nigerians, out of an economically active base of 70 million, paid taxes. Of the 14 million, more than 95% were salary earners in the formal sector, but only 241 people paid personal income taxes amounting to about $65,500 (£50,000) in 2016, Ms Adeosun said.
There is “systematic tax evasion at all levels”, and the government planned to step up efforts to increase tax collection, she added. This would help reduce government reliance on oil revenue, Ms Adeosun said.