The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has emphasized the need for transparency and fairness in Nigeria’s tax system to prevent overburdening individuals and businesses.
Speaking during The People’s House Interactive Session on Tax Reform Bills in Abuja, Abbas assured stakeholders that the House would carefully scrutinize the Tax Reform Bills presented by the Federal Government.
He highlighted that the proposed reforms aim to diversify revenue, promote equity, and foster investment-friendly policies but stressed the importance of balancing revenue generation with fairness.
Read also
- Khalifa fund displays over 15 SMEs at Emirates forum
China’s SME landscape sees steady growth, innovation drive- Oyo unveils export-ready yam, cassava, plantain flour to boost non-oil trade
- High interest rates hurting SMEs, reps tell CBN
- DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan
“Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses,” Abbas stated.
The Speaker also noted that Nigeria’s tax-to-GDP ratio remains at a low 6%, far below the global average of 15%, which he described as unsustainable.
Key stakeholders, including the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, and FIRS Chairman, Mr. Zach Adedeji, attended the session, with assurances that the reforms would prioritize the country’s development.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
