Business and the law

It is now a notorious fact that the low income obtainable from oil revenue has made the government shift a particular attention to revenue from other sectors particularly income from tax. There is pressure on the Federal and State revenue services to increase the tax base and ultimately increase revenue from the sector. The problem with tax administration is not so much about the number of available businesses but on the compliance nature of the people. Statistics show that compliance with tax laws is majorly by registered companies in Nigeria thereby excluding billions of Naira that could be generated from other businesses. It is true that the tax authorities have become aggressive in pursuing tax compliance but a case can be made that the people the tax authorities continue to harass are still those presently in the tax net even with the various incentives the government has created. We await the number of new tax payers captured by the Voluntary Asset and Income De