Covid-19 Pandemic: Innovative Tax Incentives and Good Corporate Governance Measures by Revenue Authorities in Nigeria.
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Date
2023-03-10
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Published by Cavendish University, Faculty of Law, Uganda.
Abstract
The Pandemic is not all stories of woe. Despite its negative impact on global economies, it also brought about the opportunity for companies, financial institutions and businessmen and women to re-think and look for new strategies to continue to do their businesses. The Pandemic made many business organizations think of innovative ways to continue to carry out their businesses. Therefore, even though the Covid-19 Pandemic adversely affected most economies of the world, it also brought about changes to business practices globally as new ideas were introduced. Some of these innovations are the use of technology and artificial intelligence. Tax authorities in Nigeria are not left behind as they introduced some innovation/incentives in the way they carry out their functions, some of which are; the introduction of an online platform for the payment of tax and the filing of tax documents, extension of time and waivers for some categories of taxpayers by the Federal and State tax authorities. The paper used the Federal Inland Revenue Services, the Lagos State Internal Revenue Service and the Kwara State Internal Revenue Service as case study. The paper aims to examine how tax authorities can effectively continue their business activities when faced with a similar public emergency like the Covid-19 Pandemic. The paper attempts to answer some questions which are; what are the innovations, in terms of incentives and strategies introduced by revenue authorities during and after the pandemic in Nigeria: What are the good corporate governance measures or practices that must be adhered to while re-thinking revenue generation. The research method used in carrying out this work is doctrinal in nature as recourse was made to primary and secondary sources of gathering information. The paper finds out that even though revenue authorities in Nigeria did not do too badly during the Pandemic, they can still perform better given similar situations or circumstances. The paper, therefore, comes up with recommendations on how revenue generation can be enhanced, borrowing a leaf from other advanced countries. The paper however, concludes that nothing should be done to compromise good corporate governance practices in a bid to generate more revenue.
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Cavendish University Law Journal (CULJ) 2, 1-21,