The presidency has appealed for support for the tax reform bill before the National Assembly, highlighting that the initiative will advance the nation’s goals of inclusive governance, economic prosperity, and the growth of Small and Medium Enterprises (SMEs).
Special Adviser to the president on Communications and Advocacy, Collins Osagie Omokaro, who made the plea recently, also disclosed that the new tax reform bill was meant to revolutionize the taxation regime in the country.
He, therefore, called for the collaboration of stakeholders in different sectors of the economy – public and private – to ensure its success and the reality of the government’s promise of a fair and efficient tax system as contained in the new reform bill.
Significantly, the presidential aide focused on how SMEs would benefit from the new tax reform bill as an imperative to enabling them to contribute a lot more to the country’s socio-economic growth. “One of the most significant aspects of the reform is the elimination of nuisance taxes, which are low-yield levies that disproportionately affect SMEs. These taxes, despite their minimal contribution to government revenue, impose high compliance costs on businesses.”
