Current tax regime is stifling investment and economic growth, says CPPE director
Staff Writer, ZAWYA
Nigeria’s current tax regime is suppressing investment and economic growth, according to the Centre for the Promotion of Private Enterprise (CPPE).
An economy seeking job creation, economic inclusion, investment growth and poverty reduction needs an accommodating tax regime for investors, Premium Times newspaper reported, citing CPPE Director Muda Yusuf.
He added that the corporate tax in Nigeria is 30%, but effective corporate tax is much more than that.
“This rate is one of the highest in the world. The average corporate tax rate for Africa is 27.6%; Asia 19.52%; European Union 9.74%, and the global average 23.37%.”
Yusuf noted that the multitude of taxes is crippling investment in the Nigerian economy, and there is a need for an urgent review.