The Federal Government is set to harmonize and codify various taxes across all levels of government to encourage compliance and increase tax revenue. Mr. Muhammad Nami, Chairman of the Joint Tax Board, revealed this during a meeting with State Internal Revenue Boards in Abuja.
President Bola Tinubu is committed to addressing the issue of multiple taxes, and the focus is now on practical implementation.
The aim is to streamline taxes, incentivize taxpayers, and protect small businesses while bringing informal sector operators into the tax net.
The move comes as multiple taxation has been found to reduce tax morale, discourage investments, and hinder economic growth.
Tax experts call for urgent action to raise tax revenue and reduce excessive borrowing.