- The aggravation of their troubling and unpalatable situation would be spurred by the federal government plan to impose more taxes
Nigerians grappling with unprecedented suffering and hardship are about to experience further compounding of their woes.
The aggravation of their troubling and unpalatable situation would be spurred by the federal government plan to impose more taxes on them amid harsh and crippling economic realities.
The Nigerian government on Wednesday announced the plan to tax more Nigerians and Businesses.
This plan is part of the government’s Economic Stabilisation Bills approved by the Federal Executive Council on Monday.
The Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele, made the announcement in a statement on his official X account.
He said the fiscal plan would help ramp up Nigeria’s take base and boost revenue.
According to him, the initiative termed “Tax Identification Consolidation and Collaboration (TICC)” will help increase Nigeria’s tax base and widen revenue.
He noted that the plan is part of the 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth.
He added that the Economic Stabilisation Bills have been sent to the National Assembly for approval.
“Introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses”, he stated.
By the same token, the presidency has also announced that foreigners working and earning income in Nigeria will soon be compelled to pay taxes.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced this while briefing State House correspondents on Wednesday in Abuja.
He said the move will get legal backing under a proposed amendment to the National Identity Management Commission, NIMC Bill, 2024.
Onanuga disclosed the proposed NIMC Bill was part of the Economic Stabilisation Bills approved by the Federal Executive Council, FEC, on Monday, soon to be forwarded to the National Assembly for consideration
This comes weeks after the Federal Government debunked reports of its purported increase of Value-Added Tax to 10 percent from 7.5 percent amid uproar.