Nigerian Expert Calls for Tax Law Reforms to Boost Economic Growth

In a recent speech, an unnamed Nigerian expert highlighted the necessity of overhauling tax laws to spur economic development. The expert pointed out flaws in existing legislation, such as the outdated Stamp Duty Act of 1939 and the complexities of tax deductions impacting businesses like MTN, Dangote, and BUA.

The expert also criticized the current VAT distribution model favoring Lagos State, leading to disparities in revenue allocation. The expert proposed reducing the federal government's share of VAT to 10% to enhance equity among states.

Additionally, the expert emphasized the importance of simplifying tax laws to attract foreign investments and foster a conducive business environment in Nigeria.