Rich Nigerians must pay more tax – Minister of Finance

Minister of Finance,  Mrs Kemi Adeosun, has said the Federal Government would soon start collecting luxury taxes. 

Addressing newsmen at the annual meeting of the World Bank and International Monetary Fund (IMF) in Washington DC on Sunday, Mrs Adeosun said people with higher income must bear a greater part of the tax burden.

“The luxury tax planned by the Federal Government is being finalised now because it cuts across the ECOWAS. There is a legal process you must go through, including the customs union, to actually vary the specific taxes.

“The problem we have in the country is not just that the system needs to be overhauled, it is also that people are not complying and this is because there is no consequence. We have just started with Voluntary Assets and Income Declaration Scheme (VAIDS) as a measure to tackle that and the response is impressive.

“In any tax system, the burden must be borne by anybody whose income allows to bear it, so those with higher income should by definition, bear a greater part of the burden,”she said.