The Nigeria Extractive Industries Transparency Initiative (NEITI) has endorsed the 2024 Tax Reform Bills currently being debated by Federal lawmakers.
In a Memo addressed to the leadership of the National Assembly and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, NEITI identified areas that require improvement to address policy gaps in the Bills.
According to NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, the Bills have the potential to modernize Nigeria’s Tax system, streamline and broaden its administration and Tax base to align with global best practices.
He said NEITI’s endorsement follows a detailed review of the draft legislation, which showed extensive research and consultations to produce innovative provisions.
The transparency and accountability agency commended the Bill’s provisions on taxing digital assets, addressing resident and non-resident taxation, and introducing measures to curb tax evasion.
However, NEITI made several recommendations to bridge gaps in the implementation of the proposed law, including: Harmonization of Federal and State tax laws, Clear definitions of taxable assets, events, and valuation guidelines for digital assets, Explicit guidelines for valuing benefits like accommodation and other perks.
NEITI in the statement issued by the Acting Director of Communications and Stakeholders Engagement, Obiageli Onuorah on Tuesday urged the National Assembly to expand exemptions under tax incentives to include renewable energy and other sustainability projects.
The Agency offered to lead engagements with civil society on the reform Bills, leveraging its experience in relationship management and goodwill building.
Editor: Ken Eseni
