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Folashade Coker, director of informal sector and special duties, Lagos State Internal Revenue Service (LIRS) has noted the importance of the Nigeria tax reform in simplifying taxation, increasing compliance and addressing challenges in the informal sector.
Coker noted this recently at the investiture of the 6th Lagos state coordinator of the Society of Women in Taxation (SWIT) held in Lagos.
According to Coker, “ The tax reforms are supposed to bring ease into the business of taxation and other businesses to ensure that compliance increases over time. So the reform will address many things in the tax space including ease of doing business, enhancing voluntary compliance and also tackling the challenges of compliance in the low income based sector of the informal sector.”
She also highlighted the importance of voluntary compliance, noting it reduces collection costs and validates governance, increasing collaboration between tax administrators and consultants which is crucial for effective taxpayer representation and compliance.
The director concluded that the new tax system is positive but stressed that, ‘ there is a need for effective enforcement and compliance mechanisms.”
Jennifer Omotayo, the 6th state coordinator of SWIT also reiterates the positive impact of the Nigeria Tax reform on both businesses and working class.
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“The recently implemented tax reform will go a long way to help more of the small business men and women because of the new tax laws that are in place and for the working class that will be earning 800 that will no longer pay tax unlike before, with 300 you have to pay tax. I think it is an improvement in the economy if it is really implemented,” Omotayo said.
She also urged the need for more tax enlightenment especially those in the low informal sector, giving them more exposure and reasons to pay tax which will help to strengthen voluntary tax compliance and boost the economy.
“By the time we have more revenue for the government then there will be better standard of living for the people like road infrastructure, security and all other important areas that need government attention.”
The state coordinator also tasks the government on effective utilisation of tax payers money. She said, “ There should be enforcement but not only in the area of enforcement. While the government is enforcing it, they should also make sure that the money paid by the people is being utilized judiciously.”
In her opening remarks, Caroline Ndubuisi, 6th national coordinator of SWIT applauded the inclusion of women in leadership positions and discovering of untapped potentials in women, describing it as an initiative necessary for growth across all sectors of the economy.
“Today, we are witnessing a growing movement that recognizes the untapped potential of women and aims to break down barriers and shatter glass ceilings. By empowering women to step into leadership roles, we foster a more inclusive and equitable environment where diverse perspectives thrive.
Read also: Business leaders hail tax reforms as catalyst for growth
“I believe that when women are empowered to lead, everyone benefits because decades of studies show women leaders help increase productivity, enhance collaboration, inspire organisational dedication, and improve fairness.
“As part of our role as Women Tax Administrators and Practitioners, is to consider the place of Taxation in Economic Advancement as critical – improving tax administration, widening the tax net, ensuring greater citizen participation etc. I therefore appeal to our dear SWIT Sisters to get involved in this pathway for increasing women leadership and decision making in shaping Tax practice in Nigeria,” she said.
She urged the new state coordinator and her Executive Committee to work together to ensure the actualization of the SWIT Lagos chapter and contribute to the positive growth of the Nigeria Tax system.
“We are aware that the people are and have always been the most important factor of this call. This lesson is a reminder that every voice matters, every concern is valid, and every person has a vital role to play. The growth and development of people is the highest calling of leadership.
“Fully conscious of the responsibility placed upon you, I have no doubt that you will commit to work immediately to actualize your agenda for the SWIT Lagos State Chapter.
“Leadership requires vision, it requires a desire to serve others with selflessness, and it requires sacrifice,” she added.
