This is an update to our tax alert of 16 August 2016, in which we notified taxpayers and other stakeholders of the inauguration of the National Tax Policy (NTP) review committee by the Honourable Minister of Finance.
In furtherance of the committee's work, the Federal Ministry of Finance has now invited stakeholders to submit memoranda containing recommendations on key policy considerations. To this end, Deloitte Nigeria is working on a memorandum for submission to the committee before the deadline date of Tuesday, 30 August 2016.
We also consider this as the right time for the business community and other stakeholders to come together under different umbrella bodies and advocacy groups, for the purpose of articulating their views and position on the existing NTP. Submission of memoranda and recommendations to the committee should be in line with the terms of reference listed below:
- Review of the NTP
- Effective implementation of the NTP
- Regular review of the NTP, legislation and administration
- Enactment and amendment of tax laws
- Inter-agencies cooperation between revenue agencies towards enhancing Federal Government's revenue
- Review and expansion of Nigeria's treaty network and Avoidance of Double Taxation Agreements
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