Industrialist says 97% of Nigerian economy could be determined by taxation

A member of the Association for the Emancipation of Rights of Small Scale Industrialists, Haliru Mohammed, says that 97 per cent of the nation’s economy could be determined by taxation.

Mohammed, who made the assertion in an interview with the News Agency of Nigeria (NAN) in Kano on Tuesday, said taxation played a very crucial role in the development of the Nigerian economy.

“Taxation serves as a source of employment generation and innovation as well as economic consolidation which alleviates poverty and enhances national growth.

“It is one of the factors that constitute small businesses, when a business flourishes, the economy flourishes as well,’’ he said.

He, however, said that taxes were still considered as a voluntary contribution and not an obligation in spite of its being imposed by the government on personal income earners, companies, importers, exporters and inventors.

Mohammed said business and tax policies were interrelated, noting that if one was affected, the other would also be affected.

“An economy based on favourable and progressive tax laws and policies will definitely prop up healthy business transactions and make organisations to survive,’’ he said.

He called for the full implementation of the nation’s tax laws and policies to enhance the nation’s revenue and economic growth. NAN

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