In light of the prevailing challenges posed by the escalating fuel prices, the Federal Government has announced its intention to streamline its tax structure, reducing the number of taxes from 52 to a more manageable 10 in the near future.
The revelation was made by Zacch Adedeji, the esteemed Special Adviser to the President on Revenue, during the highly anticipated virtual TOPAZ 88 second lecture series held on Saturday.
Addressing the topic of “Revenue Challenges and Opportunities in Nigeria Today,” the speaker emphasized the government’s unwavering commitment to fostering efficiency and accountability.
Adedeji observed that the issue of multiple taxation has emerged as a significant obstacle for both investors and businesses operating within the Nigerian market.
As per his statement, the government is diligently engaged in efforts to ensure the underprivileged population has access to clean and breathable air.
The current actions undertaken by the Federal Government are aimed at ensuring that individuals in lower socioeconomic brackets have access to adequate respiratory support. The objective of this administration is to prioritize the taxation of prosperity over poverty, focusing on taxing the outcomes rather than the initial investments.
In the imminent days, as the tax committee is established, we shall undertake the task of optimizing our tax system, reducing the current count of 52 taxes to a more manageable 10. This strategic decision has been prompted by our recognition of the challenges posed by excessive tax burdens, which hinder compliance.
The Gist House recalls that a mere three weeks ago, President Bola Ahmed Tinubu affixed his signature to four executive orders aimed at mitigating the adverse effects of the arbitrary multiple taxation policy in Nigeria.