In a bid to foster a more business-friendly environment in Nigeria, President Bola Tinubu Administration Aims is actively working on a plan to reduce the current multiplicity of taxes from a staggering 62 down to a maximum of nine. This significant tax reduction initiative was revealed by Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, during the 2023 annual conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.
Oyedele underscored the urgency of this move, emphasizing that the current plethora of Tinubu Administration Aims taxes has rendered tax administration unwieldy and ineffective. He pointed to Nigeria’s tax revenue of N15.194 trillion in 2022, a stark contrast to South Africa’s N78 trillion revenue, which was collected through only ten taxes during the same period.
Achieving this ambitious tax reduction goal will necessitate both administrative intervention and constitutional amendments. Oyedele’s announcement has sparked optimism among businesses and investors in Nigeria, who anticipate a more favorable fiscal environment.
Dr. Oluwatoyin Madein, the Accountant-General of the Federation, also addressed the conference, highlighting the crucial role played by accountants in propelling the nation’s development forward. She stressed that transparency was the cornerstone of trust and called on accountants to ensure accountability in both the public and private sectors.
Furthermore, the Accountant-General urged accountants to focus on addressing the unique needs of marginalized communities to promote inclusivity and well-being among all segments of the population.
Dr. Innocent Okwuosa, the President of ICAN, raised concerns about the growing socio-economic disparities in the country. He described the vast gap between the rich and the poor as a significant threat to Nigeria’s stability. To rectify this situation, Okwuosa proposed measures like strengthening fiscal management, rationalizing trade restrictions and tax exemptions, and fostering a business-friendly environment. He emphasized that these actions would attract foreign direct investments and help reduce inflation.
In a message delivered by the Minister of Power, Mr. Adebayo Adelabu, President Bola Tinubu expressed his commitment to ensuring economic development for all Nigerians. He vowed to create an “inclusive, equitable, and prosperous Nigeria,” emphasizing the moral responsibility of inclusivity.
President Tinubu encouraged accountants to engage in robust discussions on transformative policies that would enhance inclusive development, and he expressed a commitment to learn from ICAN’s expertise in pursuit of a better future for all Nigerians.
Ms. Asmaa Resmouki, the President of the International Federation of Accountants, emphasized the need for accountants to continuously develop their competences to achieve sustainability and transparency. She stressed that these competences should encompass business acumen and ethical behavior. The proactive measures being taken by the Tinubu administration hold the promise of a more conducive environment for businesses, fostering economic growth and inclusivity in Nigeria.
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