NEITI pledges technical assist for 2024 tax reform invoice 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has dedicated to supporting the legislative means of the 2024 Tax Reform Invoice by offering technical inputs, data-driven insights, and coverage suggestions.

NEITI mentioned it goals to make sure that the invoice strengthens fiscal transparency, enhances accountability, and maximizes useful resource advantages for all Nigerians.

In the course of the Rembinar Dialogue, convened by NEITI in collaboration with Order Paper Nigeria, NEITI Government Secretary, Dr. Orji Ogbonnaya Orji, emphasised that the 2024 Tax Reform Invoice, at the moment below legislative evaluation, represents a daring effort to modernize Nigeria’s tax system.

Dr. Orji acknowledged that NEITI has rigorously examined the invoice and acknowledges its potential to enhance tax administration, streamline authorized frameworks, and improve compliance throughout varied industries, together with oil, fuel, and mining.

Suggestions  

NEITI has additionally despatched robust suggestions to the Nationwide Meeting on addressing issues raised within the invoice. Key highlights embrace the consolidation of tax legal guidelines to enhance readability and compliance, taxation of digital property and non-resident entities to align with international finest practices, stronger anti-tax avoidance measures, enhancements in VAT administration, double taxation reduction, and tax incentives for precedence sectors.

“Whereas these provisions sign progress, we should additionally critically assess their impression on NEITI audits, income transparency, and sector-specific compliance,” Dr. Orji mentioned.

He posed a number of key questions for consideration, together with how the brand new tax regime would impression transparency and accountability measures championed by NEITI, and the way to make sure extractive firms totally disclose their tax obligations.

Dr. Orji emphasised the significance of sustained multi-stakeholder engagement, guaranteeing that civil society organizations (CSOs), the personal sector, and the media stay actively concerned in monitoring the invoice’s implementation and impression.

What you must know 

The Rembinar Dialogue, with the subject “Tax Payments and the Implications for NEITI Audits,” was conceived as a platform to facilitate significant engagements on useful resource governance, fiscal transparency, and accountability in Nigeria’s extractive sector.

• Dr. Orji highlighted that the dialogue is essential as Nigeria advances complete tax reforms aimed toward strengthening income mobilization and guaranteeing fiscal sustainability.
• He mentioned the dialogue grew to become needed as a result of the extractive sector remained the spine of Nigeria’s economic system, accounting for a considerable share of presidency income and overseas trade earnings.

Orji, nonetheless, mentioned that persistent challenges—equivalent to tax evasion, income leakages, weak enforcement, and a scarcity of transparency in fiscal regimes—had continued to undermine the sector’s potential to drive sustainable improvement.

In line with him, the 2024 Tax Reform Invoice, at the moment below legislative evaluation, represents a daring effort to modernise Nigeria’s tax system.