Nigeria Needs Tax Reform, Says LCCI President

Nigeria Needs Tax Reform, Says LCCI President....KINDLY READ THE FULL STORY HERE▶

In Abuja, Gabriel Idahosa, President and Chairman of the Lagos Chamber of Commerce and Industry (LCCI), has voiced concern over the proliferation of taxes by the Federal Government, deeming it detrimental to the economy. During an Arise television program in Abuja, Idahosa emphasized the impracticality of incessantly levying taxes for various government endeavors………….CONTINUE READING

He advocated for enhancing the Federal Inland Revenue Service (FIRS) to bolster tax collection efficiency, highlighting that less than 40 percent of taxable entities are currently taxed. Idahosa stressed that nations with streamlined tax systems tend to exhibit superior revenue collection capabilities.

Idahosa underscored the necessity of focusing on broadening the tax base by incorporating more taxable entities, rather than incessantly introducing new levies. He emphasized the importance of FIRS’s role in reaching taxpayers nationwide, especially in rural areas where a significant portion of businesses operate.

Addressing concerns about the funding of government agencies, Idahosa noted that while certain levies might seem minor, the overarching issue lies in the proliferation of levies for various purposes. He called for concerted efforts to reinforce FIRS’s capacity to effectively collect taxes from all economic actors.

Idahosa pointed out that despite the expansion of FIRS offices in urban and state capitals, more than 60 percent of Nigerian businesses operate outside these areas, necessitating a granular approach to tax collection.

As Nigeria grapples with the challenge of diversifying its revenue sources amid declining oil revenues, Idahosa emphasized the imperative of enhancing FIRS’s capacity to ensure comprehensive tax collection, particularly from businesses operating in every corner of the country.

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