ACCI Seeks Tax Reforms

The Abuja Chamber of Commerce and Industry (ACCI) has applauded President Bola
Tinubu for signing into law four major tax reform bills and called on the government to
ensure their full implementation.
The chamber described the development as a bold and strategic move to improve the ease
of doing business, attract investment, and create a more equitable and transparent tax
system in Nigeria.
The newly enacted tax laws the Nigeria Tax Bill (Ease of Doing Business), Nigeria Tax
Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board
(Establishment) Bill are designed to harmonise the country’s tax framework, streamline
administration, eliminate multiple taxation, and enhance compliance.
In a statement signed by its President, Emeke Obegolu, ACCI stated that the reforms reflect
its long-standing advocacy for business-friendly policies that encourage entrepreneurship,
draw in investment, and support long-term economic growth.
The chamber expressed strong support for the exemption of small businesses with annual
revenues under ₦50 million from Company Income Tax, along with the planned reduction in
corporate tax rates for larger firms.
“The increase in the CIT exemption threshold from ₦25 million to ₦50 million clearly reflects
a commitment to supporting and empowering small enterprises,” the chamber noted.
However, the ACCI raised concerns about some provisions impacting professional service
providers, urging clearer guidelines and fair implementation to avoid unintended negative
effects.
The chamber also expressed approval of the decision to maintain the Value Added Tax
(VAT) rate at 7.5% and the continued exemptions for essential goods and services.
ACCI called on President Tinubu and relevant stakeholders to stay dedicated and bold in
implementing these reforms to ensure they deliver the intended results.
It also reaffirmed its commitment to supporting the federal government through constructive
policy engagement and technical support.
“As a key representative of the private sector, ACCI reaffirmed its commitment to advocating
for policies that drive business growth, support formalisation, and ensure a level playing field
for all enterprises particularly SMEs, which continue to serve as the backbone of Nigeria’s
economy,” the statement concluded.