Home » Nigeria: Efforts to harmonize taxation

Nigeria: Efforts to harmonize taxation

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by: Gianfranco Belgrano | 5 June 2024

It is known as the Nigerian Revenue Service and can be Nigeria’s central tax company. Among its duties can be to take the place of the greater than 100 federal, state and municipal assortment companies in operation immediately.

To this finish, President Bola Tinubu has appointed Taiwo Oyedele, a associate at PwC Nigeria, to move the Presidential Committee on Tax Policy and Tax Reforms, with the goal of harmonizing taxes and simplifying the nationwide tax system by eliminating taxes that hinder companies.

Nigeria’s tax income as a proportion of GDP has fallen to the present 10.86 % from round 19.98 % in 2011, in keeping with the federal government statistics workplace. And it’s far beneath the African common of 15.6%.

Oyedele’s group is tasked with serving to increase tax income as a share of GDP to 18% inside the subsequent three years.

In addition to lowering greater than 60 taxes to simply 8, the fee additionally really helpful the implementation of zero-based budgeting and the introduction of long-term earmarks.

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