Emmanuel OchayiMr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms has revealed plans by the Tinubu administration to reduce Nigeria’s current web of 62 taxes to a mere nine, in the pursuit of fostering a more business-friendly environment in the country.
Oyedele, speaking at the 2023 annual conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja, explained that the multiplicity of taxes in Nigeria had not only complicated tax administration but also rendered it ineffective.
READ ALSO: IMF Urges Nigeria, Sub-Saharan Africa To Ditch Tax Exemptions For Growth
He underscored the urgency of this reform, citing Nigeria’s tax revenue of N15.194 trillion in 2022 compared to South Africa’s N78 trillion, collected with only 10 taxes in the same year.
“To achieve the tax reduction goal,” Oyedele stated, “administrative intervention and constitutional amendment would be required.”
The Accountant-General of the Federation, Dr. Oluwatoyin Madein, who also addressed the conference, emphasized the vital role of accountants in driving the nation’s development. She emphasized the importance of transparency in building trust and called upon accountants to ensure accountability in both the public and private sectors.
Madein also urged accountants to address the unique needs of marginalized communities, striving for inclusiveness across all segments of the nation.
This tax reform plan by President Tinubu’s administration aims at streamlining the tax system and create an attractive business environment, signaling a potentially transformative change for Nigeria’s economic landscape.
Follow Us