India Investigates Tax Fund Misappropriation; Nigeria Plans Tax Reforms to Aid Low-Income Citizens

In Nagpur, India, a preliminary inquiry into a case of alleged tax fund misappropriation involving gram panchayat officials is complete. The report has been submitted to the Zilla Parishad (ZP) for further investigation. Revenue Minister Chandrashekhar Bawankule flagged the case, which involves allegations that officials printed fake tax receipts and diverted funds, estimated at Rs14-15 crore, into private bank accounts instead of the government treasury. In Nigeria, Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reform Committee, announced that the current tax system disproportionately burdens low-income citizens, hindering economic growth. He advocated for a shift in focus towards taxing the wealthiest 10% of the population and highlighted that personal income tax contributes less than 10% of Nigeria's total tax revenue. Proposed reforms include raising the tax exemption threshold for small businesses from N25 million to N50 million in annual turnover and reallocating VAT revenue to states where goods and services are consumed.