President Bola Tinubu has issued a directive to establish a single-digit tax system with a maximum of nine taxes, following the completion of the work of the Presidential Committee on Fiscal Policy and Tax Reforms.
Currently, individuals and businesses in Nigeria face a multitude of taxes, often in double digits. The aim of President Tinubu’s directive is to simplify the tax structure and potentially reduce the overall tax burden, making it more straightforward and cost-effective for businesses to operate in the country.
According to Dare Adekanmbi, Special Adviser on Media to the Federal Inland Revenue Service (FIRS) chairman, the President’s directive reflects his commitment to creating a conducive environment for business growth and economic prosperity.
Zacch Adedeji, the Executive Chairman of the FIRS, revealed the President’s directive during a meeting with the management team of Guinness Nigeria. Adedeji emphasized President Tinubu’s strategic plan to address Nigeria’s economic challenges.
Adedeji further explained that the FIRS is focused on expanding the national tax base rather than introducing new taxes or raising existing ones. The agency has restructured its operations to provide tailored support to taxpayers based on their size, ensuring a more customer-centric approach.
Beyond tax reform, President Tinubu’s economic agenda includes initiatives such as launching a consumer credit scheme to boost purchasing power, simplifying payment processes for businesses importing goods, and investing in infrastructure improvements, particularly in transportation networks.
Adebayo Alli, CEO of Guinness Nigeria, reiterated the company’s commitment to operating in Nigeria despite economic challenges and expressed readiness to collaborate with FIRS to support economic recovery efforts.
