The Federal Government is eyeing a single-digit tax regime to reduce the burden of multiple taxation on Nigerians.
Chairman Presidential Committee on Fiscal and Tax Reforms, Taiwo Oyedele revealed this in an interview on Channels Television’s Hard Copy.
Oloyede explained that all taxes would be cut down to single digits when the ongoing reforms are concluded.
A single-digit tax system allows less than 10 taxes to be paid by citizens or businesses within a period of time.
He noted that his committee has put a framework in place to enhance cooperation between tax authorities and states in terms of data, tax intelligence and capacity building.
“Our hope is when we are done with our reforms, all the taxes will be down to single digit,” Oyedele said.
He said, “We want to be able to let the authorities trained on tax matters collect taxes while others focus on primary mandates and watch the economy grow in a way that benefits everyone,” Oyedele stated.
“The Nigerian tax administration bill is our term to try and put registration of taxpayers, filing of returns, assessment, doing tax audit, and using technology for tax administration. We are engaging with legislators and we believe that Nigerian lawmakers have concerns and we want to summarise the bill for them,” Oyedele further said.
He noted that the Nigerian tax system is one of the most backward in the world, describing the situation as ‘embarrassing.’
“We are in 2024, and anything that will stop the reforms of Nigeria’s tax system will be really sad and I think we can work out the differences for the process to continue and for the bills to be enacted.”
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