Dwindling revenues from oil and a generally lethargic economic performance has forced the government to turn its attention to the country’s tax system. It wants to raise its revenue from taxes by plugging gaps and bringing more businesses into the tax net. As a result, the tax rules are changing. But not many people know how this is being played out, because they don’t know how or where to access the rules in the first place.
Accounting and professional services firm, PricewaterhouseCoopers (better known as PwC), has come up with a timely remedy to the uncertainty about tax rules in Nigeria. The company recently launched an application which is designed to bring the catalogue of tax laws, circulars, and treaties to the fingertips of tax experts and businesspeople. Tax247 makes available numerous pages of to those interested in finding out what the law says about their tax issues and does so in perhaps the most convenient way afforded by modern technology.
The app doesn’t just present lengthy documents in digital form. It provides references related to materials being read by its users; items which the reader might be interested in returning to in the future can also be highlighted and bookmarked. Updates on tax and related items can be received via the app as well. The tax laws and news are available for free (for “Freemium” users); Premium users have access to additional services- highlighting, wide search, quick references, previous and related items –which make it easy to read and navigate tax laws, policies and other resources.
As pointed out by Victor Olorunfemi, Head of Tax Technology and Innovation at PwC Nigeria, the renewed determination of the government to tighten its grip on tax policy implementation should cause Nigerians to become more interested in the tax matters. Tax247 could help individuals and businesses in no small way to avoid falling foul of the tax rules. It could also make something of a tax law savvy person out of an ‘ordinary’ businessperson.