Nigerian federal government plans to reduce revenue collection costs for FIRS and Customs to 1% for increased government income.
The Nigerian federal government plans to introduce a law to reduce the cost of revenue collection for agencies like FIRS and Customs to 1%, aiming to increase government income for project financing. The current cost of collection in Nigeria ranges from 4-35%, while globally, the benchmark is 1%. This move is part of the 450 policy recommendations by the Presidential Committee on Fiscal Policy and Tax Reforms to modernize the nation's outdated tax laws.
June 04, 2024
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