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Tinubu’s tax reforms end a 10-year multiple taxation crisis – NECA

President Bola Tinubu's tax reforms have brought an end to a decade-long multiple taxation crisis, according to the Nigeria Employers' Consultative Association (NECA). The reforms, which include four major tax reform bills signed into law, aim to harmonize taxes, levies, and fees across all levels of government, providing relief to businesses in Nigeria.

By Rhalialt Arhuoizah 

Key Aspects of the Tax Reforms:

- Simplification of Tax Code: Reducing the number of taxes from 62 to 9, making it easier for businesses to operate and thrive in Nigeria.
- Elimination of Multiple Taxation: Harmonizing taxes, levies, and fees to prevent overlapping taxes and reduce the overall tax burden on businesses.
- Support for Local Industries: Suspending excise duties on locally manufactured products and single-use plastics to make local products more competitive and foster industrial growth.
- Enhanced Digital Economy: Suspending the 5% excise tax on telecommunication services to promote innovation and connectivity.

Reactions from Stakeholders:

- NECA's Director-General, Adewale-Smatt Oyerinde, expressed relief and gratitude, stating that the reforms are a long-awaited solution to the challenges of multiple taxation.
- Financial expert Babatunde Salami noted that the reforms would widen the tax net and base in the country, increasing tax revenue while supporting economic growth.
- NECA and other stakeholders have called for effective implementation and enforcement of the new tax policies to ensure their success .