Breaking news from 9am News Nigeria reveals that the Federal Government of Nigeria is set to harmonize the tax system across all 36 states of the federation. This initiative, announced by the head of the Presidential Tax Committee, Mr. Taiwo Oyedele, aims to streamline tax processes and boost revenue for each state. The Federal Capital Territory (FCT), Abuja, will serve as the pilot state for implementing the harmonized tax system.
The announcement was made on Friday, September 27, during an event organized by the FCT Internal Revenue Service (FCT-IRS). Mr. Oyedele addressed concerns from several states, assuring them that harmonizing taxes would not reduce their Internally Generated Revenue (IGR). In fact, he expressed confidence that the harmonization would lead to increased state revenue.
“Harmonization and simplification of taxes, as well as achieving equity and fairness in revenue administration, are critical areas of reform for our committee,” Mr. Oyedele said during the event.
Advocacy for Technology in Tax Collection
Mr. Oyedele emphasized the need for states to modernize their tax collection methods. He discouraged outdated, manual approaches to tax and levy collection on highways and streets, calling these practices outdated and embarrassing. He pointed out that using technology would not only make tax collection more efficient but also prevent tax evasion and corruption among tax officials.
Ending Multiple Taxation in Nigeria
A critical part of this breaking news is Mr. Oyedele’s call for the end of multiple taxation, a practice that has plagued Nigeria’s economy for years. He encouraged all stakeholders to collaborate in supporting the initiative to harmonize the tax system in Nigeria.
Mr. Oyedele praised the FCT for its leadership in building an organized tax system and urged other states to follow suit by focusing on simplifying tax processes to promote ease of doing business.
Federal Government’s Support for Tax Reform
9am News Nigeria notes that Mr. Taiwo Oyedele has consistently advocated for a simpler, better tax system. He has recommended trimming Nigeria’s more than 50 taxes and levies down to just 8. The Federal Executive Council (FEC) recently approved the committee’s recommendations and has forwarded them to the National Assembly for further deliberation.
This tax harmonization reform will likely improve the efficiency of Nigeria’s tax system and boost economic growth across the states.
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