“Full List:” Tinubu Identifies 62 Taxes Paid By Nigerians, Moves to Reduce Them to Nine
- The Nigerian government announced plans to reduce taxes in Nigeria from 62 to nine
- Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, stated this recently
- He said Nigeria’s current tax system makes the investment very difficult
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President Bola Tinubu's administration is working to prune down taxes in Nigeria from the current 62 to a maximum of nine to create a business-friendly environment.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, stated this at the 2023 Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja on Tuesday, October 10, 2023.
Source: Getty Images
Nigeria's tax revenue is a far cry from South Africa's
Oyedele, who asked the Nigerian government to remove VAT from diesel, said the step is essential as the current multiple tax system in the country has made tax administration difficult and ineffective.
He compared Nigeria’s tax revenue of N15.194 trillion 2022 to South Africa’s N78 trillion revenue from just 10 taxes in the same period.
Vanguard reports that Oyedele said the tax reduction plan would need administrative and constitutional intervention.
FG tasks accountants with fiscal responsibility
The Accountant General of the Federation, Oluwatoyin Madein, said accountants play an important role in driving the country’s development.
She said transparency builds trust, and accountants must ensure accountability in both public and private sectors.
Experts list taxes in Nigeria
Nigeria currently operates a multifaceted tax system, which analysts have said discourages investments and makes ease of doing business difficult.
- Personal Income Tax (PIT)
- Value Added Tax (VAT)
- Withholding Tax (WHT).
- Petroleum Profit Tax (PPT)
- Capital Gain Tax (CGT)
- Stamp Duties (SD)
- Education Tax (EDT)
- National Information Technology Development Levy (NITDL)
Nigeria to unveil new tax reforms soon
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the Nigerian government will concentrate on domestic resource mobilization by introducing new tax reforms.
The Minister revealed this on Tuesday, October 10, 2023, at the ongoing World Bank Group/IMF annual meetings in Marrakesh, Morocco.
Edun stated that Tinubu’s government wants to improve the collection of taxes, fees, and payments due to the government.
Edun stated that the Nigerian government would unveil a significant tax policy very soon, TheCable reports.
“We must be efficient in collecting taxes, fees, and payments that are due, and we must be efficient and cost-effective with our expenditure.
He said the country must diversify by creating a more extensive base of its resources and relying on its internal resources to pull through.
Nigeria moves to end taxes on tomatoes, yam, other raw food items
In earlier report by Legit.ng, the Joint Tax Board (JTB) Chairman Muhammad Nami said the Nigerian government has decided to stop taxes on Tomatoes and other raw food items to reduce their costs.
Nami disclosed this at the 153rd JTB meeting held in Abuja recently.
He said ending taxation on the ‘non-taxable item’ was part of the proposed tax reforms of President Bola Tinubu’s administration.
Source: Legit.ng
