{"id":3994,"date":"2025-02-27T12:57:05","date_gmt":"2025-02-27T12:57:05","guid":{"rendered":"https:\/\/fiscalresponsibility.ng\/?p=3994"},"modified":"2025-02-27T12:57:05","modified_gmt":"2025-02-27T12:57:05","slug":"fiscal-responsibility-commission-backs-tax-reform-bill-calls-for-enhanced-fiscal-sustainability","status":"publish","type":"post","link":"https:\/\/fiscalresponsibility.ng\/?p=3994","title":{"rendered":"Fiscal Responsibility Commission Backs Tax Reform Bill, Calls for Enhanced Fiscal Sustainability"},"content":{"rendered":"<div class=\"bt_bb_wrapper\"><p>The Fiscal Responsibility Commission (FRC) has expressed its full support for the proposed Tax Reform Bill currently undergoing a public hearing at the House of Representatives. Speaking at the session, the Executive Chairman of FRC, Victor Muruako, Esq., emphasized that the objectives of the bill align closely with the provisions of the Fiscal Responsibility Act, 2007, which was enacted to promote prudent financial management, ensure macroeconomic stability, and enhance transparency in fiscal policy.<\/p>\n<p>According to Muruako, the proposed tax reforms are necessary to strengthen Nigeria\u2019s economic framework and uphold the nation\u2019s fiscal responsibility principles. He highlighted the critical need for diversified revenue sources, reduced dependence on volatile oil markets, and improved fiscal transparency to prevent excessive and unsustainable government spending.<\/p>\n<p>&#8220;A simplified and more predictable tax system, combined with targeted incentives, will encourage investment, stimulate economic growth, and create jobs, thereby reinforcing the nation&#8217;s fiscal position,&#8221; he stated.<\/p>\n<p>Key Recommendations by the FRC<\/p>\n<p>The Fiscal Responsibility Commission urged lawmakers to incorporate several key measures into the tax reforms, including:<\/p>\n<p>Modernization and Harmonization of Tax Operations \u2013 Streamlining the tax administration system to enhance efficiency and reduce bureaucratic bottlenecks.<\/p>\n<p>Support for Small-Scale Businesses \u2013 Creating tax incentives and frameworks that encourage the growth of Micro, Small, and Medium Enterprises (MSMEs).<\/p>\n<p>Equity and Fairness in Taxation \u2013 Ensuring a balanced tax system that does not disproportionately burden any segment of the economy.<\/p>\n<p>Enhanced Compliance and Enforcement \u2013 Strengthening mechanisms to curb tax evasion and improve revenue collection.<\/p>\n<p>Adjustment of Revenue Allocation \u2013 Reviewing fiscal allocations to ensure fair distribution of resources across Federal, State, and Local Governments.<\/p>\n<p>The FRC reiterated that if these reforms are successfully passed, Nigeria will benefit from a more efficient, equitable, and growth-oriented tax system, fostering a business-friendly environment while increasing government revenue for developmental Fiscal Responsibility Commission Backs Tax Reform Bill, Calls for Enhanced Fiscal Sustainability<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Fiscal Responsibility Commission (FRC) has expressed its full support for the proposed Tax Reform Bill currently undergoing a public hearing at the House of Representatives. Speaking at the session, the Executive Chairman of FRC, Victor Muruako, Esq., emphasized that the objectives of the bill align closely with the provisions of the Fiscal Responsibility Act,&#8230;<\/p>\n","protected":false},"author":4,"featured_media":3993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts\/3994"}],"collection":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3994"}],"version-history":[{"count":1,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts\/3994\/revisions"}],"predecessor-version":[{"id":3995,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts\/3994\/revisions\/3995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/media\/3993"}],"wp:attachment":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}