Abuja Chamber of Commerce hails FG on tax reform bills

The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government for introducing the Tax Reform Bills, aimed at addressing inefficiencies in Nigeria’s tax system.

Dr Emeka Obegolu, the ACCI President and leader of the Organised Private Sector (OPS) in the Federal Capital Territory, said this in a statement on Wednesday in Abuja.

He said the reform marked a significant step toward improving the business environment, alleviating the tax burden on low-income earners, and fostering sustainable economic growth.

“These reforms have the potential to transform Nigeria’s tax landscape.

“However, the active involvement of the business community is critical to protecting their interests and ensuring clarity on the implications of these changes,” Obegolu said.

The ACCI boss described the provision to exempt businesses with an annual turnover below N50 million from tax payments as a laudable measure for the business community.

He said the move would enable Small and Medium Enterprises (SMEs) to reinvest in their growth, create jobs, and thrive without the pressure of heavy tax liabilities.

Obegolu also praised the abolition of over 50 redundant taxes, which would significantly reduce the financial burden on businesses and enhance their competitiveness.

He referenced the communique issued after the 1st Abuja SME Conference and Exhibition, organised by the National Policy Advocacy Centre (NPAC) of ACCI in 2021.

“One of the recommendations stated in the communique emphasised that the establishment of a single agency for tax collection will eliminate duplication of efforts, lower compliance costs for businesses, and promote accountability,” he said.

The ACCI president urged that measures must be put in place to protect businesses and individuals that may be disproportionately affected by the reforms.

He reiterated the ACCI’s commitment to collaborating with the government, the business community, and other stakeholders to create a tax system that fostered inclusivity, encouraged entrepreneurship, and drove sustainable economic growth.

The Chamber president urged members of the business community to remain engaged, contribute their input, and support the development of a tax framework that reflected the needs and aspirations of all Nigerians.