The Finance Minister, Mrs. Kemi Adeosun, has said the Federal Government is developing a new tax policy that will open the country for business.
She said the new tax system will be easy to understand and reduce tax burden on small businesses.
Addressing members of the tax review committee in Abuja yesterday, Mrs. Adeosun said businesses react to tax policy and government is determined to ensure that the tax policy sends the right message being that Nigeria is open for business and is encouraging businesses with a tax system that is easy to understand and comply with.
“Areas of our tax code and laws that are in need of review will be addressed as part of this exercise, as will modalities for simplifying our processes and reducing the tax burden on small businesses.”
Adeosun told members of the committee that the government was keen “to grow revenues and improve our tax collection; we are equally determined to ensure that our taxes are simplified. The task of growing tax revenue must be pursued with a human face and sustainability in focus.
