The Lagos Chamber of Commerce and Industry (LCCI) has advised the government to ensure that the new committee set up to handle the tax issues should focus on expanding the tax net to avoid overburdening existing taxpayers.
LCCI in a statement signed by Dr. Michael Olawale-Cole, President/Chairman of the Council stated that it would be important for the committee to focus on expanding the tax net to avoid overburdening existing taxpayers. Other issues of revenue leakages, such as oil theft, should also be properly addressed.
“These would ensure that the Government can earn more revenue and that there will be less dependence on internal and external borrowings to fund the budget,
“These efforts will improve Nigeria’s revenue profile and create a more conducive and internationally competitive business environment,” it revealed.
The Council also commended the efforts of the federal government in formulating policies, national plans, and sectoral interventions toward creating an enabling environment for enhanced national prosperity while it called for efficient and timely implementation of the policies.
Stating that the role of the private sector is critical to the achievement of Nigeria’s economic goals of job creation, revenue mobilization, and non-oil export promotion, the president extoled the government for the executive orders and other new policies.
“I therefore heartily commend the efforts of the Federal Government in formulating policies, national plans, and sectoral interventions toward creating an enabling environment for enhanced national prosperity.
“We are aware of the many challenges facing our country currently, and we commend all that the Government is doing to resolve these issues and stabilize the economy. We only crave to see more results through efficient and timely implementation.”
The LCCI, established in 1888, is the foremost Chamber of Commerce in Nigeria and West Africa. Over the past 135 years, LCCI has remained the leading voice of the private sector through its sustained Public Policy Advocacy, Stakeholders’ Engagement, and Trade Promotion activities. LCCI remains a strong advocacy brand that is representative of the yearnings of Nigeria’s business community.
It has a membership base operating in almost all sectors of the economy and accounts for an estimated 60% of industrial output, 65% of general commerce, and 75% of financial services in Nigeria.