FG To Cut Down Taxes From 62 To 9

EKO HOT BLOG reports that the administration of President Bola Tinubu is working to reduce taxes from the current 62 to a maximum of nine, to create a more business-friendly environment in the country.

Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, disclosed this at the 2023 annual conference of Institute of Chartered Accountants of Nigeria, ICAN, in Abuja, yesterday.

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He said the step had become imperative, as the current multiplicity of taxes had made tax administration cumbersome and ineffective.

Oyedele compared Nigeria’s tax revenue of N15.194 trillion in 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, he said administrative intervention and constitutional amendment would be required.

In her remarks, the Accountant -General of the Federation, Dr. Oluwatoyin Madein, noted that accountants played very critical roles and unique responsibilities in driving the nation’s development.

According to her, “transparency builds trust”, and such accountants must ensure accountability in both the public and private sectors.

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The AGF tasked accountants to also address the unique needs of marginalised communities, with a view to ensuring inclusiveness of the various segments of the nation.

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