Tax Reform Bill Has Potential To Modernise Nigerias Tax System Neiti

The Nigeria ExtractiveIndustries Transparency Initiative, NEITI, has backed the 2024 Tax Reform Bill currently before the National Assembly, noting that its enactment has the potential to modernize Nigerias tax system.

A statement by NEITIs Ag. Director, Communications Stakeholders Management, Obiageli Onuorah, on Tuesday, said the agencys position was made known in a memo signed by its Executive Secretary, Dr Orji Ogbonnaya Orji and addressed to the leadership of the National Assembly and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms .

Dr. Orji said the bill could streamline and broaden Nigerias tax administration and base to align with global best practices. The pointed out that NEITIs observations followed a detailed review of the draft legislation, which showed extensive research and consultation to produce the innovative provisions that are being deliberated upon.

The draft tax bill, NEITI noted, emphasized consolidation of legal frameworks, taxing digital assets, addressing resident and non-resident taxation, and introducing measures to curb tax evasion while demonstrating a strong commitment to fiscal transparency and efficiency.