The State Director, National Orientation Agency,NOA, Anambra State Directorate, Awka, Mr Edozie Ajaegbu, says the new tax reform bills of the federal government were designed to reduce companies income tax from 30 percent to 25 percent in the country.
The NOA State Director, who was speaking during live radio programme at Ogene FM, Enugwu-Ukwu over the weekend, said that the bills would also grant tax relief for less profit making companies in Nigeria.
Mr. Ajaegbu informed that the bills would further make provision for transfer of tax collection functions from agencies such as Nigeria Customs Service and Upstream Regulatory Commission to the new National Records(NRS).
The Director, who spoke on other topics such as World HIV/AIDS Day, Security Awareness, Get Rich Quick Syndrome, World Human Rights Day Celebration,Birth Registration, among others, urged Nigerians to always be conscious of fire out break, especially now the wind of harmattan was in air.
While describing taxation as a contentious issue in Nigeria, the NOA boss, stated that the federal government’s introduction of these tax reforms seek to correct structural imbalance in tax administration in the country, particularly an overdependence on oil revenue.
“Overdependence on oil revenue has resulted in fiscal challenges, encouraged corruption, stirred regional tension, fostered an inefficient and rentier economy amid soaring debts”,he said.
Also speaking, the Deputy Director, Programmes of the Agency, Mr. Remigius Obi, noted that the present administration in the country under the leadership of President Bola Ahmed Tinubu has made numerous policies geared towards alleviating the abysmal problems in the country.
According to him, the 4 tax reform bills of the federal government include,the Joint Revenue Board of Nigeria(Establishment) Bill,2024, Nigeria Revenue Service (Establishment) bill, 2024, Nigeria Tax Administration bill,2024 and Nigeria Tax bill, 2024.
Describing the tax reform bills as comprehensive and and landmark legislation,the Deputy Director emphasized that the bills were aimed at collectively improving Nigeria’s revenue profile, make business more conducive, internationally competitive and transformation of the nation’s tax system to support sustainable development as well as achieving a minimum of 18 percent tax-to – GPD ratio within the next 3 years.
