From Ndubuisi Orji, Abuja
Deputy Speaker of the House of Representatives, Benjamin Kalu, has said the 10th House would enact laws that will effectively eliminate multiple taxation in the country.
Kalu, according to a statement, stated this in a goodwill message at the World Bank Fiscal Governance and Institutions Project (FGIP) Focus Group Discussion in Abuja, yesterday.
He noted that the present administration has embarked on fiscal reform that directly addresses some of the most pressing issues in the tax system and overall fiscal policy. He stated that the commitment to reform is a testament to the dedication of the Federal Government towards achieving a more robust and equitable economic landscape.
“One of the paramount challenges we are currently addressing as a government, is the issue of tax multiplicity, a labyrinthine web of taxes that has placed undue burdens on both individuals and businesses.
“Simplifying and rationalising this system is imperative to alleviate the compliance burden and to foster an environment conducive to economic growth.
“In parallel, we have recognised the necessity of modernising revenue collection through automation. This strategic move enhances efficiency and, equally important, reduces opportunities for corruption and revenue leakage.
“Furthermore, we are in the process of streamlining the multitude of revenue-collecting agencies as a government. This streamlining initiative aims to improve coordination and, crucially, reduce duplicity in tax administration, ultimately making our system more efficient, transparent and accountable.
“In the realm of tax legislation which is actually one of your objectives to get the buy-in of the legislators, there are promising opportunities to introduce comprehensive reform bills that encompass a wide spectrum of objectives, including simplification, modernisation, and consolidation of tax laws.
“These reforms hold the potential to bring about increased clarity and efficiency, benefiting both taxpayers and tax administrators.
“Additionally, we must consider how tax legislation can be strategically crafted to
stimulate economic growth which I know is your dream while maintaining fairness and equity within the tax system.
“This entails a thorough examination of tax incentives, deductions, and credits to ensure they align with our overarching development goals.
“Consolidating tax codes by merging related provisions into one comprehensive law is another avenue to make the tax system more accessible and comprehensible for all stakeholders involved, “ Kalu said.