What do we understand by tax?
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A tax is an amount levied on citizens or rather individuals living in a country or a given territory by the government or the authorities of that territory. It comes in different forms, among which include the personal income tax, which is normally a percentage charged on an individual's personal monthly salaries/wages, company income tax, charged on a percentage of a company's gross profit, the value-added tax, charged on goods and services in which the consumer is the bearer of the tax burden.
In comparison with other countries, the personal income tax in my country is a pay-as-you-earn tax. It is a progressive tax format where the more you earn, the more you pay. This rate starts at a percentage of 7% for individuals earning a minimum of three hundred thousand naira as their annual income to 24% for individuals earning three million, two hundred thousand naira and above.
The major complaints of the taxpayers in Nigeria are usually not the amount of money levied on them as tax but about the usage of the funds generated. It has always been a case of a waste of taxpayers' money where corrupt government officials take advantage of the taxpayer, using this money generated from tax to live a life of luxury.
This money is collected as tax, which is meant to be used to run governmental affairs and also for capital and recurrent expenditures of building schools, hospitals, good roads and transport networks within the cities and also the rural areas.
It is usually funny to me when government officials are caught stealing funds in billions of dollars in a dilapidated economy. I often wonder about the level of greed a human can have, where is the love of the nation, and where is not bothered to them what will happen to their country tomorrow.
I have read and heard of countries where projects they engage in are projects that they will not live to benefit from, but projects meant for the next generation to benefit from. This kind of forward thinking correct me if I am wrong, is not what the spenders of our tax money have in mind.
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