Govt targets passage of new tax laws in Q3

According to him, ten amendment bills have been sent to the National Assembly to address constitutional issues, including overlapping taxing rights.“We took the view that amending outdated laws inherited from our colonial past was insufficient. Instead, we drafted new laws entirely.

“The majority of our population, over 130 million, spend almost their entire income just trying to survive.“We have designed a new national fiscal policy for Nigeria that addresses how our taxes should be structured, protecting the poor and ensuring that wealthier individuals contribute more while leveraging technology for tax collection,” Oyedele said.

“The five per cent added is more than double what they collect as consumption taxes, so it is a win-win for them.”He said President Bola Ahmed Tinubu has approved a new withholding tax policy, which replaces the one introduced in 1977. The policy streamlines the process of obtaining credit and utilising tax deducted at source, making it more accessible for businesses.

“This complexity resulted in an excessive compliance burden and strained working capital for low-margin businesses.”

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