Update On The Ongoing Tax Reforms Under The Administration of President Bola Tinubu:
- Our NationNigeria
- Mar 28, 2024
- 1 min read
28/03/2024
The number of taxes payable by Nigerians across the board is set to be streamlined from a total of 62 to just 9 or lower after the completion of ongoing tax reforms by President Bola Ahmed Tinubu-led administration.
The aim of the directive by President Bola Ahmed Tinubu for the Reform Committee to reduce current taxes to a single digit includes:
- Creating a conducive environment for businesses to flourish.
- Simplification of existing tax codes.
- Reduction of overall tax burden thereby increasing the purchasing power of the citizens helping to accelerate economic growth.
Current tax payable in Nigeria ranges from Company Income Tax (CIT), 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) and Tenement Rate etc.
These are set to be simplified and streamlined to a single digit thereby reducing economic strain for businesses and individuals in the country.
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