It is no longer news that in the Paying Taxes 2014 survey results, Nigeria’s rating slipped to 170th (out of 189 countries) from 155th (of 185 countries) in the 2013 results. Paying Taxes, an initiative of the World Bank and PwC, monitors total tax rate (TTR), compliance time (CT) and number of payments (NoPs) of a typical small company in the economies surveyed. While Nigeria’s TTR (33.8%) beats the African average of 52.9%, she significantly lags the African CT average (956 vs 320 hours) and NoPs (47 vs 36.1). Indeed Nigeria’s 47payments is 42nd on NoPs in Africa, beating only 11 countries, none of which includes ‘peer’ economies like South Africa and Egypt.
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