https://en.sputniknews.africa/20241102/nigerias-president-promotes-tax-reforms-despite-opposition-from-states-presidency-says-1069003316.html
Nigeria's President Promotes Tax Reforms Despite Opposition From States, Presidency Says
Nigeria's President Promotes Tax Reforms Despite Opposition From States, Presidency Says
Sputnik Africa
President Tinubu set up the presidential committee on tax and fiscal policy reform in August 2023 with only one objective: to reposition the economy for better... 02.11.2024, Sputnik Africa
2024-11-02T17:35+0100
2024-11-02T17:35+0100
2024-11-02T18:00+0100
sub-saharan africa
nigeria
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Nigeria's President Bola Tinubu insists on moving forward with the legislative process for four tax bills, which aim to consolidate taxes and increase revenue, despite opposition from state governors, the presidency of Nigeria said in a statement.The announcement comes after the National Economic Council, which is led by the country's vice president and includes Nigerian states' governors, had recommended withdrawal of the bills for further consultation, while their approval is necessary for implementation, the statement noted. The presidential committee on tax and fiscal policy reform worked on the bills for over a year and received inputs from various segments of society, including trade associations, professional bodies, different ministries and government agencies, governors, traders, students, business owners, and the organized private sector, the statement emphasized. The four new tax bills proposed by the government are aimed at streamlining and modernizing the country's tax system. These bills seek to:
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nigeria, west africa, economy, taxes, reforms, law, lawmakers, bola tinubu, finance, government, governor
nigeria, west africa, economy, taxes, reforms, law, lawmakers, bola tinubu, finance, government, governor
Nigeria's President Promotes Tax Reforms Despite Opposition From States, Presidency Says
17:35 02.11.2024 (Updated: 18:00 02.11.2024) Alla Shukanova
Writer / Editor
President Tinubu set up the presidential committee on tax and fiscal policy reform in August 2023 with only one objective: to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive. This objective remains more critical now than ever before, the presidency said.
Nigeria's President Bola Tinubu insists on moving forward with the
legislative process for four tax bills, which aim to consolidate taxes and increase revenue, despite opposition from state governors, the presidency of Nigeria said in a statement.
"Proposed tax reform bills should go through the legislative process; inputs can be made at public hearings," the statement read.
The announcement comes after the National Economic Council, which is led by the country's vice president and includes Nigerian states' governors, had recommended withdrawal of the bills for further consultation, while their approval is necessary for implementation, the statement noted.
"The tax bills before the National Assembly aim to streamline Nigeria's tax administration processes, completely overhaul the nation's tax operations, and align them with global best practices," the presidency said.
The presidential committee on tax and fiscal policy reform worked on the bills for over a year and received inputs from various segments of society, including trade associations, professional bodies, different ministries and government agencies, governors, traders, students, business owners, and the organized private sector, the statement emphasized.
The four new tax bills proposed by the government are aimed at streamlining and modernizing the country's tax system. These bills seek to:
Reduce multiple taxation and make Nigeria's economy more competitive;
Create a unified system for administering taxes across federal, state, and local levels, easing taxpayer compliance;
Establish a Nigeria Revenue Service and a Joint Revenue Board to coordinate and centralize tax administration;
Create an Office of Tax Ombudsman to address taxpayer grievances and disputes.
