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Many Nigerians yet to understand the workings of new Finance Act— SWIT

The leadership of the Society of Women in Taxation (SWIT), Lagos State Chapter, has called on not only the tax authorities, but the Federal Government through the National Orientation Agency (NOA) to embark on massive awareness on the workings of the new Nigerian Finance Act.

The group argued that based on the deep and comprehensive provisions which tend to change how tax is administrated before now, there is need for the members of the public to be abundantly educated in understanding the implications so as to facilitate compliance.

In an interview, the chairperson of the chapter, Dr Titilayo Fowokan, said “this was important to meet the target and purpose of the act which was recently signed into law by the Federal Government.”

According to her, “Many Nigerians were yet to come to terms with the law because they lacked understanding of it.

She said, “Presently, less than 40 per cent of Nigerians are tax compliant, this is because we do less about tax education to carry Nigerians along.

“We look forward to guidelines from the Federal Inland Revenue Service, on some grey areas for proper guidance of taxpayers.

“On the part of SWIT Lagos Chapter, we shall work towards strengthening our enlightenment campaign for voluntary tax compliance and encourage good tax practices in Lagos State and beyond.”

Dr Fowokan, who highlighted some of the gains of the Finance Law, averred, “Beyond the 7.5 Value Added Tax , the  Finance Law will promote fiscal equity by mitigating regressive taxation, reform domestic tax laws and align with global best practices.”

“It will also introduce tax incentives for investments in infrastructure, capital markets, and support micro, small and medium-sized businesses,” SWIT boss in Lagos added.