Nigeria, July 18 -- Nigeria's tax system is fraught with crippling challenges of weak enforcement, corruption, and outright evasion. This is costing the country losses amounting to billions of naira, both locally and internationally, said Oxfam, an international development organisation.

Oxfam also said about 30 per cent of companies in Nigeria are involved in tax evasion. It said records from the country's Federal Inland Revenue Service (FIRS), showed that 25 per cent of registered companies in Nigeria do not pay tax.

On the global level, Nigeria loses N580 billion through unnecessary tax incentives annually, a 2015 report by the United Nations Organisation said.

Regressive tax system

The 2017 Oxfam Inequality Index showed that the N...