Notwithstanding continuous economic difficulties, the Nigerian government has declared intentions to tax more people and companies. The Economic Stabilisation Bills, recently adopted by the Federal Executive Council, contain this project among their several components.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms Taiwo Oyedele posted specifics of the proposal on his official X page.
Dubbed the “Tax Identification Consolidation and Collaboration (TICC),” he said the program seeks to widen Nigeria’s tax base and boost income by including more people and companies into the tax system.
Oyedele underlined that among 15 suggested reforms meant to promote economic stability and encourage long-term, inclusive development in the nation, the TICC effort is one of them. Already before the National Assembly for approval are the Economic Stabilisation Bills.
Introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses”, he stated.
This announcement follows the government’s denial of assertions that it intended to raise Value-Added Tax (VAT) from 7.5% to 10%, an action that had generated popular outcry.
Earlier, Atiku Abubakar, the Peoples Democratic Party’s presidential nominee, attacked any possible VAT hike, contending that it would exacerbate already difficult financial situation for Nigerians.
Oyedele indicated in May 2024 about the prospect of future VAT rate adjustments, despite government denials.
These changes coincide with Nigerians struggling with rising cost of living and inflation, which in August stood at 32.15%.
