JamzNG Latest News, Gist, Entertainment in Nigeria
The Federal Government of Nigeria has announced plans to implement Tax Identification Consolidation and Collaboration (TICC) to broaden the tax base, widen the tax net to create a level playing field for businesses.
This development was announced by the Chairman of the Presidential Committee on Fiscal Policy Tax Reform, Taiwo Oyedele in a statement on his official account X yesterday.
According to him, this is part of the Economic Stabilization Bill (ESB) approved by the Federal Executive Council on Monday.
He revealed that the ESB is working to amend around 15 different tax, fiscal and establishment laws to facilitate economic stability and put the country on a path of sustainable inclusive growth.
“The Economic Stabilization Bill (ESB) approved by the Federal Executive Council contains a number of recommendations from the Presidential Fiscal Policy and Tax Reform Committee as part of the government’s Accelerated Stability and Progress Plan (ASAP).
“ESB seeks to amend around 15 tax, fiscal and state-established laws to facilitate economic stability and put the country on a path of sustainable inclusive growth.
READ ALSO: Customs Predicts Food Prices Will Fall Thanks to Suspension of Import Duties and Taxes
“The introduction of the “Tax Identification Consolidation and Collaboration (TICC)” initiative to expand the tax base, expand the tax network, and create a level playing field for business actors,” he said.
Continuing, Oyedele stated that the proposed changes to the ESB are designed to achieve inflation reduction and price stability, complement monetary policy measures with appropriate fiscal interventions to strengthen the naira and maintain exchange rate convergence and to promote fiscal discipline and consolidation.
In addition, this will also increase job creation and poverty alleviation while encouraging export promotion and diversification.
He added that the proposed changes would include a zero percent value added tax and an enhanced incentive regime to promote exports of goods, services and intellectual property, tax relief for private sector employers in respect of wage awards and transport subsidies provided to their employees, tax relief for companies that create additional jobs and retain those employees for a minimum of 3 years.
The changes will also include collaboration with states to suspend certain taxes on small businesses and vulnerable populations such as road transport fees and other levies on the transport of goods; registration of business premises; taxes on animal trade and sale of agricultural products; fees on bicycles, trucks, canoes, pushcarts and carts; taxes and levies on shops, kiosks and markets.
The bill must be submitted to the National Assembly to be passed into law.
By: Babajide Okeowo
Nigerian Government introduces TICC to broaden tax base, expand network first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.
