What do you believe is the single most important factor driving up the cost of living in Nigeria?

This means that each person now has the flexibility to fulfil their tax obligations either by making a single lump sum payment or by spreading the payments out over time and settling before the designated due date for filing.

The government also proposed the creation of a special account by the Accountant-General of the Federation for tax refunds.

Last week, the government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection.

The four new bills sent to the two chambers of the National Assembly are aimed at giving legislative frameworks to some proposals of the Presidential Fiscal Policy and Tax Reforms Committee headed by Taiwo Oyedele.

The reforms, designed to enhance the efficiency of collecting direct taxes, along with various levies that are imposed on behalf of the government, will bar the Nigerian Customs Service, Nigerian Ports Authority, and 60 other revenue collection agencies from participating in revenue collection activities, but will lead to the creation of the Nigeria Revenue Service. It also proposed the creation of a tax tribunal and ombudsman.

• Read More