The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government for introducing the Tax Reform Bill, a forward-thinking initiative aimed at addressing inefficiencies in Nigeria’s tax system.
The reforms mark a significant step toward improving the business environment, alleviating the tax burden on low-income earners, and fostering sustainable economic growth.
Chief Emeka Obegolu, SAN, President of ACCI and leader of the Organized Private Sector (OPS) in the Federal Capital Territory, highlighted the importance of inclusive stakeholder engagement and effective policy implementation.
This was contained in a statement Wednesday by ACCI Media/Strategy Officer, Olayemi John-Mensah.
“These reforms have the potential to transform Nigeria’s tax landscape. However, the active involvement of the business community is critical to protecting their interests and ensuring clarity on the implications of these changes,” Chief Obegolu remarked.
Chief Obegolu described the provision to exempt businesses with an annual turnover below N50 million from tax payments as a laudable measure for the business community. This move, he noted, will enable Small and Medium Enterprises (SMEs) to reinvest in their growth, create jobs, and thrive without the pressure of heavy tax liabilities.
Additionally, he praised the abolition of over 50 redundant taxes, which will significantly reduce the financial burden on businesses and enhance their competitiveness.
He also referenced the communique issued at the conclusion of the 1st Abuja SME Conference and Exhibition, organised by the National Policy Advocacy Centre (NPAC) of ACCI in 2021. One of the recommendations stated in the communique emphasised that the establishment of a single agency for tax collection would eliminate duplication of efforts, lower compliance costs for businesses, and promote accountability.
Speaking from the perspective of ACCI, Chief Obegolu outlined specific recommendations for the successful implementation of the Tax Reform Bill: Special Provisions: Measures must be put in place to protect businesses and individuals that may be disproportionately affected by the reforms.
He stated further that the ACCI remains committed to collaborating with the government, the business community, and other stakeholders to create a tax system that fosters inclusivity, encourages entrepreneurship, and drives sustainable economic growth.
The Chamber urges members of the business community to remain engaged, contribute their input, and support the development of a tax framework that reflects the needs and aspirations of all Nigerians.
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