Tax
From The Report: Nigeria 2016
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In conjunction with SIAO, OBG explores the taxation system, examining Nigeria’s investor-friendly environment.

OBG talks to Ituah Ighodalo, Managing Partner, SIAO, on strengthening the tax system and increasing revenues.

Articles from this Chapter

Overview

By the book: A breakdown of the country’s tax legislation
OBG
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The importance of taxation in any economy cannot be overemphasised, and its effects remain significant. It helps greatly in the redistribution of income and gives the government funds that it can use to finance public services such as provision of adequate national security, public infrastructure, social security services, power, a network of roads and a host of other social amenities. The ability of the state to generate a substantial amount of revenue from taxes opens up opportunities for it to…

Analysis

Related parties: Looking at the new transfer pricing rules
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A transfer price is the price charged between related parties (e.g., a parent company and its controlled foreign corporation) in an intercompany transaction. For example, if a subsidiary company sells goods to a parent company, the cost of those goods paid by the parent to the subsidiary is the transfer price. Transfer pricing (TP) could apply to the transfer of tangible goods. In addition, it could also apply to intercompany services performed. Provision of intra-group services, intra-group financing…

Viewpoint

Widening the net: Ituah Ighodalo, Managing Partner, SIAO, on strengthening the tax system and increasing revenues
OBG
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The recent global economic recession and diminished oil prices have burdened the government with the desire to raise revenue from tax without stunting economic growth. There is a need to capture the sources by which the government could widen its tax net and increase revenue generation without overburdening the taxpayer. Outlined below are strategies that can be employed to identify, capture and account for all potential revenue-generating opportunities. The first is improving the efficiency and…