Traders, mechanics pay N167bn, decry multiple taxation

Nigerians engaged in wholesale and retail trade and repair of motor vehicles and motorcycles paid a total tax of N167.45bn between the first quarter of 2022 and Q1 2023, according to findings.

The total tax was raised from Value Added Tax and Company Income Tax.

According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on the profit of companies and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services rendered and borne by the final consumer.

The government raised N96.96bn from VAT and N70.49bn from CIT for the wholesale and retail trade and repair of motor vehicles and motorcycles.