Posted by Benjamin Kalu, the Deputy Speaker of the House of Representatives, has pledged that new laws will be passed to end double taxation in Nigeria.
Kalu made the announcement on Wednesday in Abuja, while appearing at a focus group discussion for the World Bank’s Fiscal Governance and Institutions Project (FGIP).
According to the Deputy Speaker, President Bola Tinubu has set Nigeria on a road of fiscal reform.
He emphasized that the federal government’s drive to change is a tribute to its dedication to building a more strong and equitable economic landscape, and that this will directly address some of the most serious challenges in the tax system and overall fiscal policy.
When asked about the government’s current priorities, Kalu remarked, “One of the paramount challenges we are currently addressing as a government is the issue of tax multiplicity, a labyrinthine web of taxes that has placed undue burdens on both individuals and businesses.”
For the sake of easing the compliance load and promoting an atmosphere conducive to economic progress, it is crucial that this system be simplified and rationalized.
“At the same time, we’ve come to see that automating revenue collecting is essential for keeping up with the times. This strategic shift improves productivity while simultaneously decreasing potential for graft and revenue loss.
And he added that the government is “in the process of streamlining the multitude of revenue-collecting agencies.”
“This streamlining initiative seeks to improve coordination and, crucially, reduce duplication in tax administration, ultimately making our system more efficient, transparent, and accountable,” he said.
The introduction of comprehensive reform bills that encompass a wide spectrum of objectives, such as simplification, modernization, and consolidation of tax laws, presents promising opportunities in the realm of tax legislation, which is actually one of your objectives to get the buy-in of the legislators.
Both taxpayers and tax officials stand to gain from these changes, as they stand to gain from the enhanced transparency and efficiency that these reforms promise.