The implementation of the Finance Act will result in more tax burden on the elite, the Federal Inland Revenue Service has said.
The service said in a statement on Saturday Nigeria was on the threshold of a new, transparent, accountable and fair tax regime in which those making more from the system would pay a more equitable share of their income as tax.
The statement said a tax expert, Mr Taiwo Oyedele, in his presentation titled ‘Strategies for implementing the new VAT regime’ said the new 7.5 per cent VAT would not impact negatively on poor Nigerians.
He said the rich would pay more unlike in the past.
Oyedele said the key to building a fair, equitable tax system was through transparency, accountability, integrity and objectivity.
According to him, this will help build confidence in taxpayers.