FEDERAL HOUSE OF REPRESENTATIVES WILL ENACT LAWS TO CURB MULTIPLE TAXATION- KALU 20-09-23
By Sadiq Aminu The Deputy Speaker of the House of Representatives Mr Benjamin Kalu says the parliament will enact laws that will effectively eliminate multiple taxation in Nigeria.
He made the remark at the World Bank Fiscal Governance and Institutions Project (FGIP) Focus Group Discussion held at the secretariat of the Federal Ministry of Finance, Abuja.
The deputy speaker said under the leadership of President Bola Tinubu, Nigeria has embarked on a path of fiscal reform that directly addresses some of the most pressing issues in the tax system and overall fiscal policy, stressing that the commitment to reform is a testament to the dedication of the federal government towards achieving a more robust and equitable economic landscape.
This Kalu stated, entails a thorough examination of tax incentives, deductions, and credits to ensure they align with our overarching development goals.
He said: “One of the paramount challenges we are currently addressing as a government, is the issue of tax multiplicity, a labyrinthine web of taxes that has placed undue burdens on both individuals and businesses.
“Simplifying and rationalizing this system is imperative to alleviate the compliance burden and to foster an environment conducive to economic growth.
“Furthermore, we are in the process of streamlining the multitude of revenue-collecting agencies as a government. This streamlining initiative aims to improve coordination and, crucially, reduce duplicity in tax administration, ultimately making our system more efficient, transparent and accountable.
According to him, there are promising opportunities to introduce
comprehensive reform bills that encompass a wide spectrum of objectives, including simplification, modernization, and consolidation of tax laws.
Kalu assured that some sections of the constitution will be amended to introduce flexibility to the tax policy reforms.