Senate President Bukola Saraki says Nigeria’s tax laws must be reviewed to allow ease of doing business.
Speaking at the inauguration of the technical committee on reforming Nigeria’s tax system at the national assembly, Saraki said the federal government’s target should not only be increased revenue but also how to encourage ease of doing business.
He lamented the existing duplications in the current tax regime and called on the committee to harmonise the various tax instruments in the country.
“It is not just to increase revenue alone; I think it is also to address how efficient and the level of harmonisation of taxes across board, particularly as we operate a three tier system of government,” he said.
“One of the difficulties or frustration you find from business people is where they have to pay similar taxes at the local, state and federal levels.
“This at[sic] the long run makes business unproductive. I hope that at the end of the day you should have an approach that will bring in a system that is efficient.
“A system that reduces all these barricades and the different challenges on the ease of doing business.”
He also called for the expansion of the technical committee to include major players in the private sector.
Ladi Hamalai, leader of the technical committee and director-general of the National Institute of Legislative Studies (NILS), said the outcome of the committee’s assignment would ease payment of taxes.
“The expected report and pieces of legislation from the work of this technical committee will harmonise the various disparate legislations,” Hamalai said.
“It would also facilitate the ease of paying taxes in the country and at the same time, impact on the overall ease of doing business.”
Members of the committee include representatives of the Federal Inland Revenue Service (FIRS) and Manufacturers Association of Nigeria (MAN).
Others are the Nigerian Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) and state commissioners of finance.