They make a lot of money – House of Reps member says Carpenters, taxi drivers And Medium Sized Bizs Should Be Made To Pay Tax

A member of the Home of Representatives, Fakeye Olufemi, is of the opinion that homeowners of small and medium-sized enterprises together with carpenters and taxi drivers must be made to pay tax.

 

Fakeye who’s a member of the ruling APC and represents Boluwaduro/Ifedayo/Ila federal constituency of Osun state in the home, mentioned this whereas making his contributions to the 2022 price range debate throughout plenary session on Wednesday, October 13.

 

The finance act 2020 exempts small corporations with an annual turnover of no more than N25 million from paying firm revenue tax (CIT).

Whereas calling for the companies to be taxed, Fakeye opined that this will likely be one other income for the federal authorities to finance the price range.

 

“Why I salute the honourable speaker and my colleagues herein seated and even the senate for complying with the request by the chief that we reset the button to a January to December cycle for price range making; I feel it’s truthful to anticipate that if we try this — which now we have carried out, there must be a correctly timed implementation of the price range. I do know it’s straightforward to speak, it’s tougher to implement,” he mentioned.

 

I like to inform the chief; if you will borrow to implement the undertaking for a yr — they need to be borrowing January, February and March not borrowing or attempting to rearrange the borrowing within the third or fourth quarter of the yr for which you need to implement.

 

I’m conscious proper now and it has been mentioned right here that solely two quarterly releases have been made now — we’re within the final quarter of the yr. That makes a joke of all the trouble that we put in day in, day trip to make sure that the price range is handed in time.Carpenters, taxi drivers must be made to pay tax. They make some huge cash – Home of Reps member says

 

And I take note of income shortfall for the federal government and I start to ask myself and I recall after I was younger, everyone pays taxes. Whether or not you’re a farmer, your daddy was a carpenter, no matter he did for a residing, he paid tax.

 

Now now we have tended to forgive everyone their taxation besides those that have an revenue the place the tax is taken out of your revenue and the remaining paid to you.

 

I feel our tax reform must be such that each Nigerian has an opportunity to contribute. Go on the market and speak to 80 % or 90 % of the individuals of Nigeria, a variety of them which might be self-employed; they don’t pay tax anymore

 

So after we hear FIRS or tax organisations, even the tax joint board widening the tax internet; why do they shrink back from discovering a option to make individuals pay — whether or not you’re a carpenter, you’re a taxi driver, you might be promoting rice out there — these individuals make some huge cash however they don’t get to pay nothing. So I feel that’s an space I wish to see revenue-boosting.”