Finance Professionals and Tax practitioners want government to engage more with stakeholders before pushing next year’s Finance Bill to the National Assembly.
Members of the Association of Chartered Certified Accountants and the Chartered Institute of Taxation of Nigeria stated this at an Interactive forum on Finance act in Lagos.
The New finance act signed into law by President Muhammadu Buhari in January is aimed at Promoting fiscal equity by mitigating instances of regressive taxation, Reforming domestic tax laws to align with global best practices.
The act will also help to Introduce tax incentives for investments in infrastructure and capital markets, Supporting Micro, Small and Medium-sized businesses in line with the administration’s Ease of Doing Business Reforms, amongst others.
Professionals in the finance and taxation sectors at the forum provided more insight into this document.
The critical part of the act is the increase in Value Added Tax from 5 to 7.5%.
West African Tax Leader and Partner with PWC also provided clarification on the Tax Identification Number as a requirement for Operating Bank Account under the new Finance act.
The professionals believe that proper implementation of the Finance act will align Nigeria tax laws with global best practices.