President Bola Tinubu’s administration has disclosed that it’s diligently striving to slash taxes from the existing 62 down to a maximum of nine, with the aim of fostering a more business-friendly atmosphere in the nation.
The disclosure was made by Mr. Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, during the 2023 annual conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja yesterday.
He pointed out that the need for this action arises from the fact that the existing multitude of taxes has rendered tax administration both intricate and inefficient.
Oyedele highlighted the disparity between Nigeria’s tax revenue of N15.194 trillion in 2022 and South Africa’s impressive N78 trillion revenue during the same period, despite South Africa having just 10 taxes.
He stressed that to realize the goal of reducing taxes, it would be imperative to implement administrative changes and amend the constitution.
During her address, Dr. Oluwatoyin Madein, the Accountant-General of the Federation, stressed the important and distinct roles of accountants in the nation’s development.
According to her, ‘transparency builds trust’, and such accountants must ensure accountability in both the public and private sectors.
The AGF tasked accountants to also address the unique needs of marginalised communities, with a view to ensuring inclusiveness of the various segments of the nation.
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The President of ICAN, Dr. Innocent Okwuosa, expressed concerns about the increasing disparities seen across socio-economic lines in the country.
‘We have chosen not to be silent on the disparities which we consider as a threat to our nation. The wide gap between the rich and the poor is now a threat to the nation. We have been consistent in demanding accountability from the three tiers of government.’
‘It is evident that addressing socio-economic disparities has become a moral imperative for nations, especially given the widening inequalities across various indictators.’
‘To rectify this situation, key measures should include bolstering fiscal management, rationalising preferential trade restrictions and tax exemptions.’
‘Such decisive actions would notably enhance the business environment, attract foreign direct investments and reduce inflation,’
He pointed out that there is a pressing need for an inclusive development blueprint for Nigeria, according to Dr. Okwuosa.
President Bola Tinubu, in a message, vowed to implement actions aimed at fostering economic development for every Nigerian.
He said in the message delivered by the Minister of Power, Mr. Adebayo Adelabu, that he was determined to create an ‘inclusive, equitable and prosperous Nigeria,’ adding that ‘inclusivity is a moral responsibility.’
The president emphasized the significance of accountants participating in robust discussions regarding transformative policies that promote inclusive development. He reaffirmed the administration’s commitment to benefiting from ICAN’s expertise for the betterment of all Nigerians.
Ms. Asmaa Resmouki, the President of the International Federation of Accountants, stressed that accountants must enhance their competences to achieve sustainability and transparency in her remarks.
She noted that core competences should apply to both business acumen and ethical behaviour.