The Nigerian Communications Commission (NCC) said the presence of multiple taxation, which the World Bank termed ‘nuisance taxes’ has continued to prove to be a bane on economic development in the country.
The NCC’s executive commissioner, Stakeholder Management, Adeleke Adewolu made this assertion at a regional workshop with industry stakeholders in Ibadan.
Adewolu said though multiple taxation is an impediment to economic development but taxation, in itself, is a veritable tool for economic development.
He said multiple taxation, reverse growth, stifle innovation and discourage investment, noting that they are the scarecrows mounted by the government to disincentivise development.
“The paradox of multiple taxation is that it does not lead to an increment in government revenue, rather the crippling effect of these taxes, is that it makes otherwise profitable businesses unprofitable.
“It negatively impacts the ease of doing business, shrinks the tax base, incentivises tax evasion and complicates tax compliance,” Adewolu stated.
RELATED
