May 15, 2016

Benefits of paying your tax

Nigeria as a country and indeed all socially responsible and law abiding individuals, groups, organizations and corporate citizens will derive valuable benefits from imbibing a culture of tax compliance. The benefits derivable include but are not limited to:

  • Providing sustainable finance and funding for governance, public and social services and economic development.

  • Promoting civic responsibility, patriotism by citizens and social responsibility by corporate citizens.

  • Stimulating priority social and economic activities and sectors while discouraging less preferred ones.

  • Bringing about the redistribution of wealth and bridging sharp disparities in living standards.

  • Giving taxpayers the moral and legal right to demand for (thereby engendering) a culture of accountability.

  • Serving as a gauge for measuring the level, growth and health of economic units and economic activities.

  • Individuals and corporate organizations are conferred with definite benefits, rights and privileges in the system based on their tax compliance status.

  • Tax compliance enables law abiding citizens to avoid the consequences, penalties and sanctions of non-compliance.

Ed’s Note: This article was originally published on the FIRS website here.