President Bola Tinubu-led administration is planning to reduce taxes from the current 62 to a maximum of nine, to create a more business-friendly environment in the country.
This was made known by the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, at the 2023 annual conference of Institute of Chartered Accountants of Nigeria, in Abuja, Tuesday.
He said this has become necessary as the current multiplicity of taxes had made tax administration difficult and ineffective.
Oyedele compared Nigeria’s tax revenue of N15.194 trillion in 2022 to the equivalent of N78 trillion revenue of South Africa, with only 10 taxes in the same period.
He noted that to achieve the tax reduction goal, administrative intervention and constitutional amendment would be required.
Remarking, the Accountant -General of the Federation, Dr. Oluwatoyin Madein, said accountants played significant roles and unique responsibilities in driving the nation’s development.
She said, “transparency builds trust”, and such accountants must ensure accountability in both the public and private sectors.
Made in urged accountants to also resolve the unique needs of marginalised communities, with a view to ensuring inclusiveness of the various segments of the nation.
President of ICAN, Dr. Innocent Okwuosa, admonished against growing disparities across socio-economic lines in the country.
He said, “We have chosen not to be silent on the disparities which we consider as a threat to our nation. The wide gap between the rich and the poor is now a threat to the nation. We have been consistent in demanding accountability from the three tiers of government.
“It is evident that addressing socio-economic disparities has become a moral imperative for nations, especially given the widening inequalities across various indictators.
“To rectify this situation, key measures should include bolstering fiscal management, rationalising preferential trade restrictions and tax exemptions.
“Such decisive actions would notably enhance the business environment, attract foreign direct investments and reduce inflation,”
Dr. Okwuosa further identified the need for inclusive development blueprint for Nigeria.
In a message, President Bola Tinubu vowed to make necessary arrangements to ensure economic development for all Nigerians.
He said in the message delivered by the Minister of Power, Mr. Adebayo Adelabu, that he was determined to create an “inclusive, equitable and prosperous Nigeria,” adding that “inclusivity is a moral responsibility.”
Tinubu called on accountants to engage in healthy discussions on transformative policies that would strengthen inclusive development and the administration was committed to learning from ICAN expertise to work towards a batter future for all Nigerians.
Also speaking, the President of the International Federation of Accountants, Ms. Asmaa Resmouki, noted that accountants must development their competences in order to achieve sustainability and transparency.
She said core competences must apply to business acumen and ethical behaviour.
