Abbas Tajudeen, the speaker of the House of Representatives, today, expressed concern over Nigeria’s low tax-to-GDP ratio, which stands at only six percent he noted that the figure is significantly below the global average and the World Bank’s minimum benchmark of 15 percent necessary for sustainable development.
During an interactive session discussing the tax reform bills currently in the National Assembly, the Speaker stated that the House has not yet taken a definitive stance on these bills he emphasised that their role is to thoroughly examine the proposals to ensure they align with the best interests of both the constituents and the nation as a whole Tajudeen highlighted the duty of the House to guarantee that the legislation adequately reflects the interests of the Nigerian people while considering the broader national interest.
The proposed tax reform bills aim to overhaul the nation’s tax framework to foster economic growth, support Nigerian households, and enhance Nigeria’s competitiveness on the global stage, all while promoting equity, efficiency, and sustainable development the key aspects of the reforms include adjustments to income tax laws that will facilitate remote work opportunities in the global business process outsourcing (BPO) sector, enabling Nigerian youth to succeed in the digital economy and boost exports.
Additionally, the reforms will support small businesses through tax exemptions, such as a 0% corporate income tax, VAT, and withholding tax for small businesses with an annual turnover of N50 million or less, among other provisions the speaker added that these four tax reform bills represent crucial proposals from the executive branch aimed at expanding Nigeria’s tax base, improving compliance, and establishing sustainable revenue streams for the country’s development.
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