The Nigeria Extractive Industries Transparency Initiative (NEITI) has backed the tax reform bills currently before the National Assembly.
NEITI also identified areas of the proposed law that needed to be worked on. NEITI’s position was contained in a memo signed by its Executive Secretary, Ogbonnaya Orji, and addressed to the leadership of the National Assembly and Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.
The memo said, “The bills have the potential to modernise Nigeria’s tax system, streamline and broaden its administration and tax base to align with global best practices.”
Orji disclosed that NEITI’s observations followed a detailed review of the draft legislation, which showed extensive research and consultation to produce the innovative provisions currently being deliberated upon.
The draft tax bill, NEITI stated, emphasised consolidation of legal frameworks, taxing digital assets, resident and non-resident taxation, and measures to curb tax evasion, while demonstrating a strong commitment to fiscal transparency and efficiency.
