Further to ongoing debate on proposed tax reform bills, the Presidency said yesterday, that opposition to the legislation were sparked misinformation, with critics misinterpreting key aspects of the legislation.
Contrary to claims, the presidency has revealed that the bills do not propose dismantling agencies like NASENI, TETFUND, or NITDA. Instead, they aim to streamline the nation’s complex tax system, easing the burden on businesses while ensuring sustainable funding for these organizations.
The reforms focus on consolidating multiple taxes into a single levy, simplifying compliance for businesses and improving the overall economic environment.
This shift will allow government agencies to access funds through budgetary allocations and other sources, ensuring their continued operation.
The current tax structure, criticized for overburdening businesses and discouraging investment, has driven some companies to relocate.
The new approach seeks to address these challenges, fostering economic growth and ensuring equitable development across all regions.
President Tinubu has encouraged stakeholders to engage constructively through the National Assembly’s planned public hearings, emphasizing the importance of informed contributions to the reform process.
