From Ifeoma Ejiofor
Anambra State Director of National Orientation Agency,(NOA) Mr Edozie Ajaegbu, said the new tax reform bills of the federal government were designed to reduce companies income tax from 30 percent to 25 percent in the country.
Mr Ajaegbu during an interactive session with journalists said that the bills would also grant tax relief for less profit making companies in the country.
He noted that the bills would further make provision for transfer of tax collection functions from agencies such as Nigeria Customs Service and Upstream Regulatory Commission to the new National Records(NRS).
The NOA boss who described taxation as a contentious issue in Nigeria, stated that the federal government’s introduction of these tax reforms seek to correct structural imbalance in tax administration in the country, particularly an overdependence on oil revenue.
“Overdependence on oil revenue has resulted in fiscal challenges, encouraged corruption, stirred regional tension, fostered an inefficient and rentier economy amid soaring debts,” he asserted.