We must embrace turnover tax for long-term benefitsThe first day of the New Year saw the implementation of key provisions in the Finance Act 2019. This included the reintroduction of turnover tax (ToT), which evoked mixed reactions. The main argument, however, was that the tax would cripple the informal sector. The informal sector has been vibrant in terms of creating employment and contributing to the gross domestic product (GDP). Successful taxation of the informal sector comes with multiple benefits.

Source: Standard Digital January 15, 2020 11:15 UTC