Stransact (Chartered Accountants), the correspondent firm of RSM, a global accounting and auditing firm in the world, has recommended tax related reforms for the government to improve and sustain the economy. Stransact Partners noted that the middle class in Nigeria was fast disappearing due to the collapse and relocation of companies that would have employed skilled and educated workforce. According to the partners, Nigeria had one of the highest multiplicities of tax in the world. “Introducing facilities and regulations that will formalise the unregulated sectors of the economy will widen the tax net and increase the tax revenue available for government,” Athe said. The partners canvassed for the deployment of homegrown innovations, technologies and tailored solutions to Nigeria’s tax problems.

Source: Punch May 15, 2023 05:27 UTC