The Lagos Chamber of Commerce and Industry (LCCI) has hailed President Bola Tinubu over his recent tax reforms, saying it was clear by the pronouncement that the president recognised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
The chamber also urged the Federal Government to expand its tax net and bring in more taxpayers instead of overburdening existing taxpayers.
In a statement signed by its President, Michael Olawale-Cole, LCCI said the recent appointment of Taiwo Oyedele as the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, established to remove barriers impeding business growth in Nigeria, is a decisive affirmative action.
“The committee’s primary objective would be to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.
“Your Excellency, it would be important for the committee to focus on expanding the tax net to avoid overburdening existing taxpayers. Other issues of revenue leakages, such as oil theft, should also be properly addressed. These would ensure that the government can earn more revenue and that there will be less dependence on internal and external borrowings to fund the budget,” the statement read in part.
It added that those efforts would improve the country’s revenue profile and create a more conducive and internationally competitive business environment.
