The Federal Government set to introduce a new tax law that promises to significantly transform the country’s revenue administration process.
This initiative aims to streamline the tax system, making it more efficient and user-friendly for citizens and businesses alike.
One of the most notable changes is the introduction of a new withholding tax regime designed to provide relief for small and medium enterprises (SMEs) and farmers.
By exempting these groups from certain tax compliance requirements, the government hopes to reduce the administrative burden they face, allowing them to focus more on growth and development.
Furthermore, the government plans to simplify the tax landscape by reducing the number of taxes from over 60 to a more manageable single-digit figure.
This move is expected to enhance compliance and make it easier for taxpayers to understand their obligations.
Overall, these reforms are part of a broader strategy to align Nigeria’s tax system with global best practices, ultimately aiming to boost revenue generation and foster economic growth in the country.