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Minister of Finance Taiwo Oyedele has stated that Nigeria’s revenue challenge lies in expanding the tax net rather than increasing tax rates. Speaking in Abuja, he said: “We are still not getting enough revenue from taxes; it is not about increasing taxes, but making sure that those who are supposed to pay taxes pay.”
The CITN also launched a National Tax Awareness Day to bridge the information gap surrounding the country’s tax reforms. The awareness campaign coincided with the one year since President Tinubu signed Nigeria’s landmark Tax Reform Acts into law.
Key Points:
Expanding the tax net, not raising rates, is the key to increasing revenue.
Tax reforms include reliefs such as rent relief up to N500,000 and zero-rated VAT on food, education, and healthcare.
Small businesses with turnover below N100m are exempt from Companies Income Tax.
The CITN launched National Tax Awareness Day to educate taxpayers.
Tax compliance is a civic duty, not a burden.
The government is focusing on voluntary compliance and taxpayer education. Nigerians are encouraged to obtain Tax Identification Numbers and file accurate returns.
Sources: Business Day, Nairametrics
 
