Nigerian VP Reaffirms Commitment to Revamp Tax System Without Burdening Citizens

Vice President Kashim Shettima has emphasized the Nigerian government’s dedication to overhauling the national tax system without imposing additional burdens on the populace. Speaking on Thursday at the Presidential Villa in Abuja, during a meeting with the Chartered Institute of Taxation of Nigeria (CITN), Shettima highlighted that the administration’s primary goal is to enhance tax collection efficiency rather than raise tax rates.

Shettima sought CITN’s expertise in attracting foreign direct investment through competitive company tax rates, reiterating that the administration under President Bola Ahmed Tinubu aims to streamline tax processes and eliminate redundant taxes that do not benefit the government.

Call for Collaboration and Global Best Practices

Highlighting the necessity of collaboration, Shettima urged the CITN to help adopt global best practices in tax administration, stating that true knowledge must be earned and cannot be purchased.

CITN’s Support and Recommendations

CITN President, Samuel Agbeluyi, praised the government’s efforts to meet citizens’ needs, referencing the suspension of the Cyber Security Levy. He commended initiatives such as unifying exchange rates, attracting foreign investment, and establishing the Presidential Committee on Fiscal Policy and Tax Reforms.

Agbeluyi outlined CITN’s strategic goals, including partnering with the government for effective policy implementation, professionalizing tax functions within government agencies, and recognizing exemplary tax professionals. He also advocated for a strong collaboration between CITN and the Vice President’s office on fiscal matters.

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