Every year, Nigeria loses N580billion through unnecessary tax incentives, Oxford Committee for Famine Relief (OXFAM), an international non-government organisation, formed in Britain in 1995, has said.
It therefore advised the federal government to review its policy on tax incentives because such huge loss of revenue was detrimental to good governance.
At the public presentation of the “Fair Tax Monitor Index Report and the Commitment to Reducing Inequality Index Report” in Abuja, yesterday, OXFAM country director, Mr. Constant Tchona said various studies show that the fiscal incentives granted by the federal government to stimulate investments in the country did not yield the desired results because of bad governance and lack of transparency. Read more