The federal executive council (FEC) on Monday in Abuja approved the review of extant taxation laws to address the inadequacies in the nation’s current tax regime.
Lai Mohammed, minister of information and culture, announced this while addressing state house correspondents on the outcome of the FEC meeting, presided over by President Muhammadu Buhari.
According to him, the review will plug the loopholes and subsequently address the inadequacies in the tax regime.
He observed that the inadequacies had been exploited by both individuals and corporate organisations to evade tax which had led to loss of revenue to the government.
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“We have noticed and observed some inadequacies in the current tax regime and that these inadequacies have been exploited by both individuals and corporate organisations to evade tax,” he said.
“And these had led to lose of revenue to the government.
“So, the new review aims at plugging these loopholes.”
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