States urged to adopt new national tax laws for reforms
The Executive Secretary of the Joint Revenue Board, Olusegun Adesokan, has called on state governments to update their tax laws in line with the new national tax regime. He emphasised that cooperation at the state and local levels is crucial for the success of Nigeria’s ongoing fiscal reforms. The new framework, signed under President Bola Ahmed Tinubu, aims to simplify tax rules, improve compliance, and promote transparency. Adesokan highlighted that the reforms are designed to support national development and foster a more business-friendly environment.
TLDR
- Olusegun Adesokan urged states to align their tax laws with the new national tax regime, stressing the importance of subnational cooperation.
- Four new tax laws have been enacted to modernise Nigeria’s tax system and align it with global standards.
- The reforms aim to simplify tax rules, eliminate multiple taxes, and introduce digital technology for tax payments.
- A Model States Taxes and Levies Harmonisation Law has been developed, with 12 states already enacting versions of it.
- The initiative seeks to consolidate nearly 60 taxes into nine categories, making compliance easier and supporting economic growth.
