How to tackle unexplained wealth in Nigeria? From social norms through to property tracking and verification numbers. The Step Up Nigeria team Feranmi Adeola and Ibukun Ijaopo are joined by special guest Dr Otive Igbuzor, Executive Director, African Centre for Leadership, Strategy and Development (Centre LSD) to explore this important area.
For more info on this issue read our previous blog post on Unexplained Wealth.
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One Reply to “Ep.3 Tackling Unexplained Wealth in Nigeria”
Outside passing an unexplained wealth order, the tax system is still not effective enough! An ad valorem tax which is a luxury tax placed on products or services that are deemed to be non-essential or unneeded should also be considered. Ghana Revenue Authority just implemented that law which took effect from 1st August this year.
Secondly, I believe the FIRS and the State IRS should take a full analysis of all properties in the country afresh and start taxing the owners heavily. In America and other developed nations, even the wealthy who have earned their money legitimately are careful how they buy properties because of tax. That’s why during the elections tax is a very serious issue!