The administration of President Bola Tinubu is working to reduce taxes in the country from the current 62 to a maximum of nine, in his determination to create a more business-friendly environment in the country.
The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, disclosed this at the 2023 Annual Conference of the Institute of Chartered Accountants of Nigeria, in Abuja, this afternoon.
He said that the step has become imperative as the current multiplicity of taxes has made Tax administration cumbersome and ineffective.
The Chairman compared Nigeria’s Tax revenue of N15. 194 trillion 2022 to the equivalent of N78 trillion revenue of South Africa, with only 10 taxes in the same period.
To achieve the tax reduction goal, Mr. Oyedele said that administrative intervention and constitutional amendment would be required.
Source | Vanguard
