The International Centre has issued a warning to the Federal Inland Revenue Service (FIRS) regarding the potential consequences of increasing the tax burden on businesses. The Centre's spokesperson, Babington-Ashaye, stated that raising the Value Added Tax (VAT) is not a suitable solution as it could result in job losses and a higher unemployment rate. She further explained that VAT services should not be taken to the market as they act as intermediaries between manufacturers and distributors.

Feranmi Olaseinde

Feranmi Olaseinde

Apr 03, 20243 min read

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The International Centre has issued a warning to the Federal Inland Revenue Service (FIRS) regarding the potential consequences of increasing the tax burden on businesses. The Centre's spokesperson, Babington-Ashaye, stated that raising the Value Added Tax (VAT) is not a suitable solution as it could result in job losses and a higher unemployment rate. She further explained that VAT services should not be taken to the market as they act as intermediaries between manufacturers and distributors.

While the concerns raised by the International Centre are valid, it is important to consider the overall impact of tax policies on the economy. Taxes play a crucial role in funding public infrastructure, healthcare, and education. However, it is essential to strike a balance between generating revenue for the government and ensuring that businesses can thrive and create employment opportunities.

One way to achieve this balance is by implementing tax policies that encourage investment and stimulate economic growth. Lowering corporate taxes, for example, can incentivize businesses to expand their operations and hire more employees. This, in turn, can lead to an increase in tax revenue in the long run. Additionally, providing tax incentives for industries that contribute to sustainable development can promote both economic growth and environmental conservation.

Another aspect to consider is the role of technology in tax collection and compliance. With the advancement of digital platforms and systems, tax authorities can streamline their processes and improve efficiency. This can help reduce the tax burden on businesses by minimizing the time and effort required to fulfill tax obligations. Furthermore, leveraging technology can also enhance transparency and accountability in the tax system, reducing the likelihood of tax evasion and fraud.

In line with the theme of technological advancements, the launch of Nearby Share for Windows is a notable development. This feature enables users to easily share files and content with others, enhancing productivity and collaboration. The addition of an estimated time for file transfers to be completed is particularly useful when dealing with large files or folders. This feature provides users with a clear idea of how long it will take for their files to be shared, allowing them to plan their work accordingly.

Furthermore, the inclusion of an image preview within device notifications adds an extra layer of convenience and accuracy. Users can now confirm that they are sharing the correct file, avoiding any potential mistakes or miscommunications. This enhancement showcases the importance of user experience and ensuring that technology is intuitive and user-friendly.

Bringing these various points together, it is evident that the tax burden on businesses should be carefully considered to prevent negative consequences such as job losses and increased unemployment. Implementing tax policies that promote investment and economic growth, leveraging technology for efficient tax collection, and prioritizing user experience in technological advancements are all crucial elements in striking the right balance.

In conclusion, it is essential for tax authorities to collaborate with businesses and experts to develop tax policies that are fair, sustainable, and conducive to economic growth. While generating revenue is important, it should not come at the expense of stifling businesses or burdening individuals. By finding common ground and implementing actionable measures, it is possible to create a tax system that supports both the government's financial needs and the success of businesses.

Actionable advice:

1. Foster an open dialogue between tax authorities and businesses to understand their needs and concerns. This can lead to the development of tax policies that are fair and balanced.

2. Embrace technology to streamline tax collection processes and enhance efficiency. This can reduce the administrative burden on businesses and improve compliance.

3. Prioritize user experience when designing and implementing technological advancements. User-friendly features, such as image previews and estimated transfer times, can significantly improve productivity and accuracy.

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