The National Tax Policy Review Committee has submitted a new draft of the National Tax Policy (NTP) to the Federal Minister of Finance, Kemi Adeosun. The revision of the NTP is informed by the desire of the Federal Government to broaden the source of its revenue.
Speaking on the revised NTP, the minister stated that, “the revised tax policy will eventually give a new lease of life to, and inspire far-reaching reform of, the Nigeria tax system in terms of structure, number of taxes, and administration within the context of our peculiar environment”.
“This Government remains committed to the continuous improvement of our tax system towards the attainment of our objectives. Thus, tax policy review will be a continuous exercise, as a means of evolving with global best practices”, she added.
In a bid to encourage investors and businesses, the new tax policy advocates several incentives that will help businesses grow such as reduction in the number of taxes and elimination of multiple taxation.
Read also:https://businessday.ng/editorial/article/need-to-boost-nigerian-tax-payers-morale/
Innocent Unah & Bala Augie
