Blakey Ijezie harps on role of taxation in economic growth, development

Chief Blakey Okwudili Ijezie hs stressed the importance of taxation in promoting economic growth and development in Nigeria.

Speaking in his keynote address during the FifthEdition of the national taxation conference held on Thursday in Lagos, Chief Ijezie emphasized that a tax system built on shaky foundations would never support the weight of economic growth.

Stating that taxation provided the necessary resources for investment in public goods and services, Ijezie stressed the need for a solid foundation, effective laws, efficient administration, “and taxpayer compliance to create a sturdy trunk that supports innovation, entrepreneurship, and economic development”.

Ijezie said the challenges facing Nigeria, included insecurity, high logistics costs, erratic power supply, volatile business environments, and inefficient ports.

Others, according to him, are inconsistent government policies, high operational costs, shortage of foreign exchange; decline in consumer spending, naira devaluation, high taxes, poor infrastructure, and port congestion.

“These challenges have led to a high cost of compliance, discouraged foreign investment, and hindered economic growth”, he stated.

To address these challenges, Chief Ijezie recommended simplifying tax laws and regulations, reducing tax rates, broadening the tax base, improving tax administration, investing in technology, offering incentives, enhancing taxpayer education, reducing multiple taxation, strengthening tax dispute resolution, and fostering collaboration.

For a better society