LCCI states Nigerian businesses face challenges due to multiple taxes; the government aims for a 10.86% - 18% tax-GDP increase in three years through reforms and e-Invoice implementation.

The Lagos Chamber of Commerce and Industry (LCCI) highlights that multiple taxation hampers Nigerian businesses. The tax-to-GDP ratio is 10.86%, below the African average, with a government goal of 18% in three years through reforms. The Federal Inland Revenue Service (FIRS) plans to implement an e-Invoice for better transaction management and aims to boost tax collection by 57% for 2024. Collaboration between the public and private sectors is essential for effective tax policy.

September 18, 2024
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