The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to focus on expanding its tax net rather than burdening existing taxpayers. The chamber made this recommendation in a statement signed by its President, Michael Olawale-Cole.
The LCCI commended the appointment of Taiwo Oyedele as the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which aims to address barriers to business growth in Nigeria. The chamber stated that this appointment demonstrated the President's recognition of the importance of a sound fiscal policy environment and an effective taxation system for the government and the economy.
The chamber emphasized the need for the committee to enhance revenue collection efficiency, promote transparent reporting, and ensure the effective utilization of tax and other revenues. It urged the committee to focus on expanding the tax net to prevent overburdening existing taxpayers and address issues of revenue leakages, such as oil theft.
By expanding the tax net and addressing revenue leakages, the LCCI believes that the government can increase its revenue and reduce dependence on internal and external borrowing to fund the budget. These efforts would contribute to improving the country's revenue profile and creating a more favorable and globally competitive business environment.
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