Tax payment is normal, but the proposed ICT tax coincides with the brazen politics of the Major General Muhammadu Buhari (retd.) To become the top investment destination in Asia, Singapore capped the corporate tax rate at 17 per cent; personal income tax starts from zero per cent and is capped at 22 per cent, making the country competitive. Thus, Nigeria should not be fixated on high taxes, as taxes are high already, a disincentive to investors. At 18.6 per cent, Norway has a high corporate tax rate, but Germany’s 3.5 per cent rate makes it a haven for the industry in the European Union. Corporate tax dodging by the MNCs, especially oil firms and digital companies, should be tackled, too.

Source: Punch July 11, 2021 23:26 UTC