Expert proffers solutions to tax challenges

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A Partner, Tax and Strategy and CMO of Stransact, Victor Athe, has said it is important for the country to address tax challenges arising from digitalisation.

Athe said this on Thursday in a statement entitled ‘Tax and business advisory business.’

He said, “To progressively address the tax challenges arising from digitalisation, the Federal Government must continue to intensify efforts at implementing the OECD BEPS Action Plan 1 – targeted at grabbing the country’s fair share of taxes from digital and other off-site transactions.”

“Increased efforts by the Federal Government to intentionally improve a culture of transparency and accountability will help achieve gradual and constant improvements in the mindsets of taxpayers (especially corporations and individuals who are currently outside the tax net either due to outright evasive measures or a measure of ignorance).”

He said if the proper strategies, systems and human drivers with the required technical depth and experience were effectively harnessed, tax could be a dependable source of revenue for Nigeria in no time.

According to Athe, the current efforts by Nigeria to tackle the base erosion and profit shifting issue by keying into several multilateral frameworks and the creation of appropriate local regulations portend a positive outlook for increased tax generation from cross-border transactions.

He said the frameworks included the country-by-country Multilateral Competent Authority Agreement and the Common Reporting Standard.

“All these and more related developments will certainly create an increased demand for professional services,” he said.

According to him, Stransact is positioned to remain a thought leader in the accounting, tax and business advisory business in Nigeria.

He said, “Our strategy for our target market is to provide these professional services to our clients with the same or a superior level of quality compared to what is offered by the big brands in the market.

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