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Saturday, October 12, 2024

Tax: Speaker Sets Deadline for FIRS Committee to Eradicate Double Taxation on Nigerians

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The person in charge of Nigeria’s House of Representatives is called Rep. Tajudeen Abbas. He has given a task to a group of special committees. They have three weeks to find and stop extra taxes that make it hard for people who don’t earn much money. These extra taxes are called double taxes.

This decision was made on October 10, 2024. It happened after a group of lawmakers talked about the problem of taxes and how to make things better for everyone, especially since things are becoming more expensive.

Why Taxes Matter

One lawmaker, named Rep. Peter Aniekwe, explained why this was important. He said that people in Nigeria are facing tough times. There are fewer jobs, and the price of things keeps going up. Because of this, many people are struggling to live comfortably.

Rep. Aniekwe also said that people have to pay many different kinds of taxes. These taxes can make it even harder for those who don’t have much money to begin with.

He thinks the government should help people by creating plans that make life better and the country’s economy stronger.

“It’s important to find a good way to collect money for the government without making life hard for people,” Rep. Aniekwe said. He suggested some other ways to get money like fixing how taxes are collected and making sure there aren’t wasteful government expenses.

The lawmakers also said the Nigerian government should find new and different ways to earn money rather than just increasing taxes everywhere.

One way to help could be having more people who earn a lot of money pay their fair share of taxes. They can also make sure current tax rules are followed correctly.

Rep. Abbas told the committees to check all tax rules to make sure they are fair. They have to finish this job in three weeks.

Part of what the committees will do is find extra taxes and stop them so that people don’t have to pay more than they should.

The lawmakers also want the government to teach people about their tax rights. They should know what taxes they should pay and how to report if they are being asked to pay unfair taxes.

Here’s What’s Happening with Taxes

  • Nigeria has over 60 different official taxes and more than 200 unofficial ones. Small businesses especially are having a hard time with paying so many taxes.
  • There are even more taxes that shouldn’t be there, affecting small business owners like those selling goods on the streets.
  • The Manufacturers Association of Nigeria (MAN) asked for help to make the taxes simpler so that it doesn’t hurt growing businesses.
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