By Our Correspondent
The Fiscal Responsibility Commission (FRC) has expressed strong backing for the Tax Reform Bills currently under review by the National Assembly.
The reforms aim to reshape Nigeria’s tax system, promoting fairness and supporting economic growth.
Speaking at a recent event in Abuja, FRC Chairman Victor Muruako explained that the reforms are designed to balance resource distribution across the country while addressing the needs of low-income earners and small businesses.
The bills propose tax cuts for individuals earning below N1.7 million annually and exempt small businesses with turnovers under N50 million from taxes.
Additionally, the reforms seek to simplify tax processes, reduce the number of levies, and allocate a larger share of VAT revenues to states and local governments.
These measures are expected to enhance public service delivery and create a more business-friendly environment.
The FRC emphasized that these changes could spur savings, investments, and economic expansion by easing financial pressures on households and businesses.
The commission urged stakeholders to support the reforms for their potential to modernize the tax system and drive development across the country.
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