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Nigerian govt moves to reduce tax burden

Nigerian govt moves to reduce tax burden

The Federal Executive Council (FEC) has approved two Executive Orders and five tax policy Amendment Bills as it aims at reducing tax burden on Nigerians and boosting the ease of doing business in the country.

The Minister of Finance, Kemi Adeosun, disclosed this while briefing newsmen after the Council’s weekly meeting which was presided over by President Muhammadu Buhari at the Presidential Villa, in Abuja yesterday.

The two Executive Orders are: Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order. The five Amendment Bills include the Companies Income Tax Act (Amendment) Bill and the Value Added Tax Act (Amendment) Bill.

Others are Customs, Excise, Tariff ETC (Consolidation) Act (Amendment) Bill, Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill.

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The minister noted that the approval followed the presentation of a memorandum to seek the consideration and approval of the Council for the report of the National Tax Policy Implementation Committee on Tax Laws Reform.

The FEC had on Feb. 1, 2017, approved the revised National Tax Policy in order to have a robust tax system to promote investment and improve revenue for sustainable national development.

Adeosun also pointed out that the new tax policies would get rid of obsolete, ambiguous and contradictory provisions in the laws, adding that it would increase government revenue and simplify the process of paying taxes and doing businesin in the country.

 

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