{"id":910,"date":"2024-11-13T14:32:03","date_gmt":"2024-11-13T14:32:03","guid":{"rendered":"https:\/\/dailyechoes.ng\/?p=910"},"modified":"2024-11-13T14:32:03","modified_gmt":"2024-11-13T14:32:03","slug":"tinubu-proposes-new-single-digit-tax-system-for-nigerians","status":"publish","type":"post","link":"https:\/\/dailyechoes.ng\/index.php\/2024\/11\/13\/tinubu-proposes-new-single-digit-tax-system-for-nigerians\/","title":{"rendered":"Tinubu Proposes New Single-Digit Tax System for Nigerians"},"content":{"rendered":"<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Ahead of the planned sponsorship of an Executive Bill on Tax Reform to National Assembly, President Bola Ahmed Tinubu led All Progressive Congress (APC) led government is considering a significant overhaul of Nigeria\u2019s tax system, with a proposal to introduce a single-digit range tax structure to reduce the burden of multiple taxation on citizens and businesses.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Once fully adopted and\u00a0 implemented, Nigerians are expected to pay a limited number of taxes, all under ten.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Recall that in a recent interview on Channels Television, Chairman of the Presidential Committee on Fiscal and Tax Reforms, Mr Taiwo Oyedele\u00a0clarified that the current tax reforms aim to simplify the system by reducing all taxes to single digits.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to him, this reform is part of the government&#8217;s broader initiative to streamline tax collection and boost economic growth.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Oyedele, during a discussion on \u2018Tax Reforms: on &#8220;Why States Should Not Collect VAT,&#8221;emphasized the need for improved collaboration between tax authorities and states, particularly in areas such as data sharing, tax intelligence, and capacity development. He stated, \u201cOur hope is when we are done with our reforms, all the taxes will be down to single digits.\u201d<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The reform plan also includes measures to enhance tax administration, with a focus on using technology for efficient tax collection. Oyedele described the current Nigerian tax system as one of the most backward in the world, urging for swift reform processes to address the issue.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The government also aims to reduce the overall tax burden on Nigerians while ensuring adequate revenue generation. The reforms seek to harmonize taxes, eliminate business disincentives, and improve compliance. Oyedele highlighted that small and large businesses would benefit from the introduction of a harmonized single levy at a reduced rate, including a proposed reduction of corporate income tax from 30% to 25% over the next two years.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The proposed reforms come in response to public dissatisfaction with the increasing tax burden under President Tinubu&#8217;s administration.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ahead of the planned sponsorship of an Executive Bill on Tax Reform to National Assembly, President Bola Ahmed Tinubu led All Progressive Congress (APC) led government is considering a significant overhaul of Nigeria\u2019s tax system, with a proposal to introduce a single-digit range tax structure to reduce the burden of multiple taxation on citizens and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[98,195,537,538,257],"class_list":["post-910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-government","tag-nigerians","tag-reform","tag-single","tag-tax"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=910"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/910\/revisions"}],"predecessor-version":[{"id":912,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/910\/revisions\/912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/911"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}