As a comprehensive tax legislation, the NTB harmonizes all tax laws in the country into a more simplified and manageable single piece of legislation. Section 1 of the NTB provides that the objective of the Act is to provide a unified fiscal legislation governing taxation in Nigeria.
The Nigerian Tax Bill for 2024, as outlined in the article from The Cable, introduces several key provisions aimed at enhancing the country's tax system. The bill proposes the establishment of a National Tax Policy to guide tax administration, aiming for uniformity and efficiency. It includes measures to broaden the tax base by introducing new taxes such as the Digital Services Tax, targeting income from digital transactions. Additionally, there are plans to reform existing taxes like the Companies Income Tax, Personal Income Tax, and Value Added Tax (VAT) to close loopholes and increase revenue. The bill also focuses on improving tax compliance through the adoption of technology for tax collection, enhancing transparency, and reducing evasion. Furthermore, it seeks to provide reliefs and incentives for small businesses and startups to foster economic growth, while also addressing issues like multiple taxation and simplifying the tax structure to make it more business-friendly. The overarching goal is to increase government revenue, promote economic development, and ensure a fairer tax system.
Science & Technology
Fri, December 13, 2024
