The Nigerian Economic Summit Group (NESG) has delayed its weight 'Nigerian tax reform laws of 2025', saying that these laws are aimed at simplifying the fiscal system, among other advantages.
In its last publication on Tuesday entitled: “The Nigerian Tax Reform Laws of 2025: tax, not the seed,” the NESG listed the objectives of the new fiscal laws.
The NESG said that, together, these laws aim to simplify the fiscal system, expand the base, protect vulnerable groups and improve tax collection and responsibility.
“In specific terms, recently promulgated tax reform laws pursue several political, institutional and economic objectives: increase the mobilization of national income: raise the fiscal relationship to PIB of Nigeria to 18 percent in five years, reducing the dependence of oil income and debt financing,” said the NESG.
He added that fiscal laws in Nigeria, “simplify and harmonize the fiscal system: fuse tax laws fragmented into a coherent framework and facilitate compliance for people and
business. Modernize the Fiscal Administration: establish the Nigerian Income Service (NRS) with the mandate to collect and take into account all the income that accumulates for the Federation ”.
In addition, the NESG stressed that the digitalization of all aspects of the Fiscal Administration aims to improve the efficiency and braking leaks; Improve transparency and taxpayers' trust through the introduction of a tax
Court and defender of the fiscal people to resolve disputes and protect the rights of taxpayers.
The NESG pointed out that the new tax laws promote equity and equity by exempting the essentials as food and VAT medicine, and also simplify the fulfillment of micro and small businesses that earn less than N50 million annually.
In addition, tax laws, he said, seek to strengthen intergovernmental coordination by establishing a joint revenue board to align federal, state and local tax policies, and also review the income exchange mechanisms to reward productivity while preserving equity.
The NESG said that tax laws also point to support economic competitiveness and growth, and lower compliance costs to attract investments.
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