Taxpal, a professional tax consulting and business advisory firm has launched in Ikeja, Lagos. The tax solution system, in cooperation with the Federal Inland Revenue System, (FIRS) is hoping to help the Federal Government generate more revenue by simplifying the tax payment process.
A recent study by PWC (PricewaterhouseCoopers) on why Nigerians refuse to pay their taxes showed that 22.5 percent of respondents interviewed didn’t comply due to unclear tax rules. Hence, the tax consulting firm plans to create adequate awareness of tax rules as well as provide systems through which this tax can be paid.
The Chief Operating Officer (COO), Taxpal Nigeria, Jide Banjo, at the official launch in Ikeja, Lagos, said the company is introducing a solution to make it easier for taxpayers to pay their taxes and improve tax compliance in the country.
“Taxpal is the tax hub that serves taxable Nigerians and Nigerian residents with a spot on tax information required to help fulfill their end of the social contract-paying their taxes,” said Banjo.
The significance of taxation in any country cannot be overemphasized. Tax is an essential part of a country’s revenue; most developed countries have been able to achieve development through revenue generated from constant tax payment by citizens.
It has been discovered that only 3 million taxable adults in Lagos, Nigeria’s commercial capital city, pay their tax, bearing the burden of 20 million people that live in Lagos. This disrupts the plan for development as there isn’t enough revenue to provide infrastructures for citizens. Some organizations are also faced with the challenge of double taxations. The tax consulting firm is willing to help resolve the issue of double taxation from government agencies.
“As your preferred tax consultants, one of the things we want to ensure is that businesses are not being ripped off through heavy taxes that they are not supposed to pay. The regular tax filing will then increase the chances of these businesses bidding for contracts with the government and her agencies,” said Banjo.
Taxpal plans on making use of social media to solve the challenges of taxation in Nigeria. It wants to bridge the gap and increase the compliance rate of Nigeria through the dissemination of vital and accurate information.
“Our mission is to make it as clear as possible and disseminate this via the social media platforms and at the palm of your fingers,” said the COO of Taxpal.
Taxpal would be of benefit, not only to Nigerians but also the government as it would provide funds for the government. Taxpal would be able to provide organizations necessary information about everything they need to know about tax, therefore increasing compliance to paying tax.
