A Fiscal Policy Partner and Africa Tax Leader at PwC,Taiwo Oyedele, has faulted the new Proof of Ownership Certificate (POC) fee imposed on all categories of registered vehicles.
Oyedele, who is Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG) and Chairman of the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) described the tax as “retrogressive.”
In a series of tweets on Saturday, the PWC Africa Tax Leader said the new tax is badly conceived and poorly designed.
He said, “This tax is retrogressive. It is ill-conceived and poorly designed. Apart from the payment which seems to be solely for revenue generation, and perhaps more for non-state actors than for the government, it is illogical to have to prove annually that you own a vehicle for which you already have a certificate of proof of ownership issued by the government.
“The tax adds complications to the myriad of multiple taxes which make doing business difficult and dampens tax morale.”
Peoplesmind