The Federal government of Nigeria has announced plans to deploy the Tax Identification Consolidation and Collaboration (TICC) to expand the tax base, widen the tax net to create a level playing field for businesses.
This development was announced by the Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele in a statement on his official X account yesterday.
According to him, this is a part of the Economic Stabilisation Bills (ESB) approved by the Federal Executive Council on Monday.
He disclosed that the ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth.
“The Economic Stabilisation Bills (ESB) which have been approved by the Federal Executive Council contain some recommendations of the Presidential Fiscal Policy and Tax Reforms Committee as part of the Accelerated Stability and Advancement Plan (ASAP) of the government.
“The ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth.
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“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.
Continuing, Oyedele stated that the proposed changes made to the ESB are designed to achieve inflation reduction and price stability, complement monetary policy measures with appropriate fiscal interventions to strengthen the naira and sustain exchange rates convergence and to promote fiscal discipline and consolidation.
In addition, it will also enhance job creation and poverty alleviation while also boosting export promotion and diversification
He added that the proposed changes will include zero rated VAT and improved incentive regime to promote exports in goods, services, and intellectual property, tax reliefs for private sector employers in respect of wage awards and transport subsidies provided to their employees, tax relief to companies that generate incremental employment and retain such employees for a minimum of 3 years.
The changes will also include collaboration with states to suspend certain taxes on small businesses and vulnerable population such as road haulage levies and other charges on transportation of goods; business premises registration; animal trade and produce sales tax; bicycle, truck, canoe, wheelbarrow, and cart fees; shops, kiosks and market taxes and levies.
The bills are to be transmitted to the National Assembly for passage into law.
By: Babajide Okeowo
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