The Chairman of the Presidential Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, on Tuesday disclosed that the administration of President Bola Tinubu was working to reduce taxes from the current 62 to a maximum of nine, to create a more business-friendly environment in the country.
Oyedele, disclosed this at the 2023 annual conference of Institute of Chartered Accountants of Nigeria, ICAN, in Abuja on Tuesday.
According to him, the step had become imperative, as the current multiplicity of taxes had made tax administration cumbersome and ineffective.
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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.
He further stated that to achieve the tax reduction goal, administrative intervention and constitutional amendment would be required.
Also speaking at the event, 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.
She said: “Transparency builds trust”, and as such accountants must ensure accountability in both the public and private sectors.”
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