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.

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