NLC President urges FG to tax multinationals appropriately

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Lagos  – The President, Nigeria Labour Congress (NLC), Mr Ayuba Wabba, has called on the Federal Government to appropriately tax multinational companies operating in Nigeria to enable it develop infrastructure.

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He made the call on Thursday in Lagos in a telephone interview with the News Agency of Nigeria (NAN) while commenting on the security tax bill before the Senate.

The National Security Tax Fund Bill 2015, which had already passed first reading in the upper legislative chamber, was sponsored by Sen. Buruji Kashamu (PDP) Ogun East).

If the bill is passed into law, registered companies operating in Nigeria would pay up to five per cent of their profit as Security Tax.

The bill seeks to establish National Security Tax Fund to provide funding for security agencies for prevention and detection of crime.

NLC president told NAN that majority of multinational companies operating in the country do not pay the appropriate tax to the government.
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“How can the government meet the country’s infrastructure need if these companies evade tax, he asked, adding that the companies should be compelled to pay appropriate tax to boost development.

“A UN report shows that 50 billion dollars is taken away from Africa annually as a result of not paying the appropriate tax,’’ Wabba said.

He pointed out that if the companies deduct the right taxes from the salaries of their employees, they should also pay the right tax to the government.

However, the organised private sector under the aegis of Nigeria Employers’ Consultative Association (NECA) has warned that employers would protest against the passage of the bill.

Mr Segun Oshinowo, NECA Director-General, said that the oragnised private sector would resist the passage of the bill on the ground that it would increase the cost of production. (NAN)


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