The International Centre has issued a warning to the Federal Inland Revenue Service (FIRS) against imposing an increased tax burden on businesses. According to the Centre's spokesperson, increasing the Value Added Tax (VAT) could have detrimental effects on employment rates, potentially leading to a rise in unemployment.

Feranmi Olaseinde

Feranmi Olaseinde

Sep 20, 20233 min read

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The International Centre has issued a warning to the Federal Inland Revenue Service (FIRS) against imposing an increased tax burden on businesses. According to the Centre's spokesperson, increasing the Value Added Tax (VAT) could have detrimental effects on employment rates, potentially leading to a rise in unemployment.

The spokesperson further explained that taking VAT services to the market would not align with the existing VAT system. This is because traders act as intermediaries between manufacturers and distributors, and their role in the supply chain should not be subjected to additional taxation.

The Centre's concerns highlight the need for a balanced approach to taxation that takes into account the potential consequences on businesses and employment. While it is essential for governments to generate revenue through taxes, it is equally crucial to consider the wider economic impact of such measures.

In light of these concerns, it is worth exploring alternative ways to ensure a fair and sustainable tax system. One possible solution could be a comprehensive review of the existing tax structure to identify areas where improvements can be made. This could involve reassessing tax rates, exemptions, and incentives to create a more equitable system.

Additionally, governments should prioritize supporting businesses and fostering economic growth. This can be achieved through measures such as providing tax incentives for investments in research and development, promoting entrepreneurship, and streamlining bureaucratic processes.

Furthermore, it is essential for tax authorities to engage in open and transparent dialogue with businesses and other stakeholders. This can help foster mutual understanding, address concerns, and ensure that taxation policies are implemented in a way that is fair and effective.

In the technology sphere, Windows has recently introduced a new feature called "Nearby Share," which allows for seamless file transfers between devices. This functionality has been enhanced with the addition of an estimated time for file transfers to be completed. This is particularly useful when sending large files such as videos or entire folders, as it provides users with an indication of how quickly the transfer will occur.

Moreover, Windows now includes an image preview within device notifications to help users confirm that the correct file is being shared. This small but significant improvement adds an extra layer of convenience and security to the file sharing process.

The launch of Nearby Share with Windows signifies a step towards greater productivity and ease of content sharing. This feature not only streamlines the transfer of files but also enhances collaboration and communication among users.

In conclusion, it is crucial for tax authorities to consider the potential consequences of increased tax burdens on businesses and employment rates. Balancing the need for revenue generation with the need for economic growth is key to creating a sustainable tax system. Governments should explore alternative approaches, engage in dialogue with stakeholders, and support businesses through incentives and streamlined processes. Additionally, technological advancements such as Windows' Nearby Share feature contribute to increased productivity and efficiency in content sharing. By continuously improving and adapting our systems, we can foster a more seamless and productive digital ecosystem.

Actionable advice:

1. Governments should conduct regular reviews of their tax systems to ensure fairness and sustainability.

2. Tax authorities should engage in open and transparent dialogue with businesses and stakeholders to address concerns and improve tax policies.

3. Embrace technological advancements that enhance productivity and efficiency, such as Windows' Nearby Share feature, to streamline content sharing processes.

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