In order to improve the business climate in the nation, President Bola Tinubu’s administration is aiming to cut the number of taxes from the current 62 to a maximum of nine, according to Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms.
This information was revealed by Oyedele on Tuesday in Abuja at the Institute of Chartered Accountants of Nigeria’s (ICAN) 2023 annual conference.
He claimed that the action had become necessary due to the complexity and inefficiency of the current tax administration caused by the number of taxes.
Oyedele contrasted Nigeria’s projected tax income of N15.194 trillion in 2022 with South Africa’s projected revenue of N78 trillion from just 10 taxes over the same time period.
He added that constitutional amendment and administrative intervention would be necessary to accomplish the tax reduction target.
Dr. Oluwatoyin Madein, the Accountant-General of the Federation, who spoke at the ceremony as well, emphasized the important roles and special obligations that accountants played in advancing the development of the country.
Accounting professionals must promote accountability in both the public and private sectors because, as she put it, “Transparency builds trust.”
To ensure that all sectors of the country are included, the AGF charged accountants with addressing the special requirements of marginalized communities.
