Businesses Urge Clarity in Nigeria's New Tax Regime

At a stakeholders’ forum in Lagos, businesses and tax professionals raised concerns regarding Nigeria’s new tax regime, emphasizing the need for clearer guidelines and harmonized regulations. The forum included representatives from the Chartered Institute of Taxation of Nigeria (CITN), Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Directors Nigeria (CIoD), and Lagos Chamber of Commerce and Industry (LCCI).

Mrs. Sofuratu Seghosime, President of ICAN, represented by Mr. Tajudeen Adewale Olayinka, highlighted the importance of aligning revenue mobilization with economic productivity and business growth. Seghosime pointed out the potential negative impact of the tax regime on businesses exceeding the N100 million threshold, which would face a significant tax burden.

ICAN called for explicit tax commencement provisions and clearer capital gains rules. Mr. Leye Kupoluyi, President of LCCI, stressed the distinction between increasing tax revenue and burdening existing taxpayers, advocating for strategies that expand the tax base instead.

Mr. Innocent C. Ohagwa, President of CITN, also contributed to the discussion.