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Nigeria Reviews National Tax Policy

by Lorys Charalambous, Tax-News.com, Cyprus

18 August 2016


Nigeria's Minister of Finance, Kemi Adeosun, has set up a committee to look at ways to improve the present National Tax Policy, which was introduced in 2012.

She said that the NTP, which has never been fully implemented, is now out-of-date. In particular, she asked the committee to examine ways to simplify the Nigerian tax code, improve tax compliance and revenues, and cut the tax burden on small businesses.

Adeosun added that there should be a diversification of the Government's sources of revenue away from the oil sector, which, despite the reduction in global oil prices, still represents 70 percent of tax collections (but only 13 percent of the Nigerian economy).

She pointed out that there had to be an improvement in the country's very low ratio of tax revenue to gross domestic product, which currently stands at only five percent.

TAGS: compliance | tax | small business | business | tax compliance | Niger | Nigeria | oil and gas | tax reform | Tax

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