The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the tax burden on businesses in Nigeria is one of the highest in the world.
He also noted that Nigeria ranked in the top 10 highest corporate tax burdens in the world and advocated for a change.
He spoke during a grand reception in honour of the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chijioke Alaribe, and the Group Managing Director of First Holdco Plc, Adebowale Oyedeji, according to a statement.
The reception was organized in Lagos by Student Pye Alumni.
The statement explained that Student Pye Alumni (which is the class of 1990-1994) has members who are fellows of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
Oyedele, while delivering a keynote address on “Understanding the Nigeria Tax Reforms,” called for collaborative efforts between government agencies and stakeholders regarding the proposed tax reforms bill, currently before the National Assembly.
He said it was imperative to ensure tax deductions for startup expenses incurred within six years before the commencement of business.
He opined that this would foster entrepreneurship and support new businesses.
He said: “We impose a high burden on businesses—large, medium, and small. The tax burden on businesses in Nigeria today is one of the highest in the world. Nigeria ranks in the top 10 highest corporate tax burdens in the world—the same country that needs all the investment that we can get, both foreign and domestic.
“We are taxing poverty, we tax capital, we also tax investment. We have a tollgate that we put in front of anything you want to do. We want to collect our taxes in advance—whether you make money at the end of the day or not is none of our business.
“Essentially, to facilitate economic growth and also to protect low-income earners and vulnerable groups, small businesses should be exempted, and large businesses should have a reduced tax burden, including the harmonization of taxes they need to pay. So, the conversation was about all stakeholders rallying around to support the bill so that we can use it as a stepping stone toward transforming our economy into something we can all be proud of.”
The event organizers, Student Pye Alumni (Class of 1990-1994), congratulated the two honorees and encouraged them to continue embodying the spirit of excellence, perseverance, and resilience that defined their time in Student PYE.
In attendance were the then-directors of the school and the Commissioner for Finance, Abia State, Uwaoma Ukandu, who represented the Governor of Abia State, Alex Otti.
They urged Micro, Small, and Medium Enterprises (MSMEs) in Nigeria to actively participate in the ongoing tax reform debates nationwide.
