The Society of Women in Taxation (SWIT), Lagos State Chapter, has rolled out plans to enhance tax payments in the country as part of its commitment to growth and development.
The society disclosed this during the investiture of its third Lagos state chairperson in Lagos, recently.
Speaking, the newly sworn Chairperson, Dr. Titilayo Fowokan stated that beyond getting more women involved in tax issues, the society was pulling all stops against tax defaults through its campaign approaches .
She urged government to fully comply with the Base Erosion Profit Shifting (BEPS), agreement, which it signed, to enable it harness its full benefits and encourage more foreign investments in the country.
She added: “With the global tax drive, we have countries, including Nigeria, now tightening their tax net, such that tax remittance cannot be escaped. At this juncture, Nigeria needs to set the right policies and provide infrastructure to complement its convenient tax regime so as to attract more businesses in the country.
“With more foreign investment come more empowerment and employment that would increase productive capacity which in turn increases tax space.”
Managing Consultant of Pedabo, Mr. Albert Folorunso, who delivered the investiture lecture, titled, ‘Global Tax Compliance Drive: Implications for Foreign Direct Investment in Nigeria’, pointed out that Nigeria was still losing a great deal despite that it signed up to most of the agreements including BEPS, double taxation as well as exchange of information agreement.
He said: “For instance, most digital activities are consumed in Nigeria, yet, they are being imported and have no permanent establishment in Nigeria.
Those activities are deemed to be carried out in Nigeria and ensure that the tax due to Nigeria should be deducted. These are some of the leakages that we should fill.
“So we are saying that government should fill all loopholes to enable Nigeria enjoy reciprocal benefits from these agreements as well as fix infrastructure and every other challenge.
“I mean we should continue to develop our tax, not with the fear of somebody pulling out of the Nigerian economy because FDI is not only tied to tax regime in Nigeria.”