The Federal Government has commenced a six-week review of the new tax laws to identify implementation gaps, address consequences that have emerged since their implementation and consider concerns raised by the organised private sector and other stakeholders
The review will examine areas including Value Added Tax thresholds, withholding tax, capital gains treatment and multiple taxation.
President Bola Ahmed Tinubu last year signed into law four new tax bills passed by the National Assembly, describing the laws as pivotal to the success of his administration’s reforms and the country’s prosperity.
The bills were the Nigeria Tax Bill (Ease of Doing Business), which seeks to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which establishes a uniform legal and operational framework for tax administration across the federal, state and local governments.
Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.
As implementation commenced, organised private sector groups raised concerns over some provisions of the laws, including those relating to Companies Income Tax and withholding tax.
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