Tinubu orders single-digit tax system

THE NATION

President Bola Tinubu has directed the creation of a single-digit tax system with a maximum of nine taxes.

This directive will take effect after the work of the Presidential Committee on Fiscal Policy and Tax Reforms is completed.

A single-digit tax system refers to a situation where the total number of taxes a business or individual has to pay will be reduced to nine or fewer

Right now, the number of taxes individuals and businesses pay is in double digits. The goal of the President’s directive is to simplify the tax code and potentially lower the overall tax burden, making it easier and potentially cheaper for businesses to operate in Nigeria.