The Federal Government has been urged to harness the informal sector of the economy in it tax administration.
Wole Obayomi, partner and head of tax, regulatory and people services, KPMG, Nigeria, said this on Thursday at the tax breakfast seminar organised by KPMG in Lagos.
He said informal sector must be harnessed both for revenue acceleration and partly with organised private sector.
“Unless we sanction tax evaders, we are not going to make progress in tax revenue generation”, he said.
Obayomi said the ongoing tax amnesty will be a turning point in tax compliance if is enforced post Voluntary Assets and Income Declaration Scheme (VAIDS).
Other speakers who spoke at the seminar include, Kunle Elebute, national senior partner, KPMG, Nigeria, who gave the opening remark, Ade Adefeko, Vice President, corporate and government relations, OLAM Nigeria limited, Adesola Adeduntan, managing director/CEO First Bank of Nigeria limited, Audrey Joe-Ezigbo, co-founder and executive director, Falcon Corporation limited, and Muda Yusuf, director General, Lagos Chamber of Commerce and industry.
They identified huge infrastructure deficit as a major problem that requires the government to address. The unanimously agreed that government can achieve this by allowing private sector to come in and invest.
Hope Moses-Ashike
