Mr. Muhammad Nami, Chairman of the Joint Tax Board (JTB), revealed the government’s plan to eliminate taxation on non-taxable items as part of proposed tax reforms under the President Bola Tinubu-led administration.

Speaking at the 153rd JTB meeting in Abuja, Nami emphasized the aim of creating a tax-friendly environment in Nigeria.

For the informal sector, Nami clarified that goods and services that are not taxable will not be subject to taxation. An enumeration will be conducted in the sector to ensure that small traders, dealing in items like tomatoes and other raw food items, are exempt from paying taxes. Additionally, businesses with an annual income below N25 million will be exempt from Company Tax and Value Added Tax (VAT).

Nami, who also serves as the Executive Chairman of the Federal Inland Revenue Service (FIRS), highlighted President Tinubu’s commitment to harmonize taxes and put an end to multiple taxation in the country. This move aims to encourage investment and boost revenue generation by eliminating informal taxes that hinder economic growth.

The Chairman explained that the harmonization process will lead to a reduction in the number of taxes, curbing revenue leakages, and increasing revenue generation. He assured that this commitment will be fulfilled, and a committee has already been constituted by the government to address the tax multiplicity issue.

Mrs. Nana-Aisha Obomeghie, the Executive Secretary of JTB, emphasized the importance of sensitizing the public about the harmonization process. The goal is to ensure that people are aware of what taxes to pay and avoid situations where they are subjected to unknown or illegal taxes. The awareness campaign will also promote ease of doing business and a tax environment that is friendly to taxpayers.

Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, highlighted the overwhelming burden of taxes on businesses, with nine types of taxes being paid to the Federal Government. The harmonization process is expected to streamline tax collections, reduce corruption, and enhance tax compliance, benefiting both the government and businesses alike.

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________

 To Register visit https://schoolofadr.com/how-to-enroll/ You can also reach us via email: info@schoolofadr.com or call +234 8053834850 or +234 8034343955. _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.