The Nation Newspaper Nigeria's tax system suffering from inefficiency, says Reps Deputy Speaker
, said on Tuesday, April 30, that Nigeria’s current tax system is suffering from inefficiency, leading to some of the lowest tax collection rate in the world.
He said these inefficiencies hinder the nation’s ability to invest in essential public services and infrastructure, adding that the role of the National Assembly, particularly the House of Representatives, is crucial in enacting reforms that broaden the tax base, simplify the tax code, and enhance compliance mechanisms without placing undue burdens on Nigerians.
The retreat, he said is designed to be a springboard for action, adding that “by its conclusion, we aim to achieve a multi-pronged outcome. We will emerge with a deeper understanding of the Petroleum Industry Act and its impact on the oil and gas sector and our national development goals. “We will identify areas for potential policy adjustments, capacity-building initiatives, and the development of robust regulatory frameworks to support a successful PIA implementation.“Furthermore, strengthening collaboration with relevant government agencies and stakeholders is essential. Together, we can ensure tax reforms are inclusive and transparent, and deliver real results. Analyzing the reform’s impact on different economic sectors with precision is crucial.
“The journey that led us to the Petroleum Industry Act has been a long and winding one. The initiative to reform the Oil & Gas sector began in earnest under the Obasanjo administration in April 2000. “Through open discussion and collaboration, we can identify areas for improvement and ensure the Act achieves its intended goals for Nigeria’s oil and gas sector.”
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