Posted By: | November 27, 2020 |

Tax Amnesty: A Step on the Ladder Out of Recession?


It is no longer news that the Nigeria economy is in recession: reflective of foreign exchange challenges, growing inflation and unemployment rates, amongst other indices. As the government comes under pressure to revitalize the economy, translating that to increased prosperity for citizens, obviously many options are on the table. A key plank is diversifying government's sources of revenue from oil, moreso as oil prices have plummeted and timing of upward trend is uncertain. Central to this, is increased tax revenue; whilst the default thinking is tightening the enforcement net, can a properly thought out Tax Amnesty Programme (TAP) also be deployed as a complement to other initiatives? This view is premised on the fact that TAP has proven to be a potent tool in some jurisdictions which at some time, faced similar economic situation as currently encountered in Nigeria.

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