The federal government has said not less than 11 laws that contain provisions on imposition and collection of taxes would be repealed if the proposed tax reforms submitted by President Bola Tinubu are approved.
The government also submitted that the reforms aim to scrap over 50 nuisance taxes suffered by local businesses in the country.
The Director-General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu, who stated this at a briefing on World HIV Day, Security Awareness, Discouraging Get Rich Quick Syndrome, World Human Rights Day and Tax Reforms in Asaba, Delta State, said the bills were designed in the best interest of Nigerians.
According to him, the reforms would promote fairness, equity and justice for Nigerians.
Issa-Onilu added that VAT will no longer be calculated based on where companies have their headquarters but where the goods are consumed if the reforms are approved.
The NOA boss, who was represented by Director, General Services in the agency, Mrs. Rebecca Nasamu, stressed that the tax reforms would ease the burden on hardworking Nigerians, while ensuring that everyone contributed fairly.
In his words, the tax reforms bills “are four different bills that seek to bring everything about taxation and administration of tax in Nigeria under four different pieces of legislation.
“The Nigeria Tax Bill is where all major taxes imposed on individuals and companies are clearly stated as well as the rates. The bill is just like a compendium of taxes charged in Nigeria.
“The Nigeria Tax Bill, basically amalgamated all the existing laws in which provisions for taxation was made. When passed, the bill will lead to the repeal of 11 laws that contain provisions on imposition and collection of taxes.”
Onilu added that the bill seeks to ensure those earning very little pay little or no taxes, while helping them manage their finances better.
The bills proposed by President Tinubu, which are currently before the National Assembly, are The Nigeria Tax Bill; The Nigeria Tax Administration Bill; The Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill.