Tinubu’s tax reforms promised relief, evidence shows multiple levies are killing businesses
Despite the Federal Government’s sweeping tax reforms aimed at simplifying Nigeria’s tax system, businesses across the country say they continue to grapple with multiple taxes, levies and other government collections. The post Tinubu’s tax reforms promised relief, evidence shows multiple levies are killing businesses appeared first on Nairametrics .
President Bola Tinubu's recent tax reforms aimed at simplifying Nigeria's tax system have not alleviated the plight of businesses, according to evidence gathered by Nairametrics. Despite the introduction of several new laws, businesses continue to contend with a multitude of taxes, levies, and other government collections. The implementation of these reforms remains uneven, particularly at the sub-national level, as overlapping demands from federal, state, and local government agencies add to businesses' operating costs.
A staggering 70.8% of surveyed businesses identified high and multiple taxation as the biggest constraint to their operations, surpassing concerns such as insecurity and high interest rates. While SMEs with annual turnover below N100 million are exempt from taxes collected by the National Revenue Service, businesses claim they need clearer guidance on which agencies are authorized to collect taxes and what payments are legally required.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.