The Abuja Chamber of Commerce and Industry has commended President Bola Tinubu for signing into law four landmark tax reform bills and urged the government to ensure full implementation.

It described the move as a bold and strategic step towards enhancing the ease of doing business, attracting investment, and establishing a fairer and more transparent tax regime in Nigeria.

The new tax laws, which include the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, aim to harmonise Nigeria’s tax system, streamline administration, eliminate multiple taxation, and improve compliance.

ACCI noted in a statement signed by its President, Emeke Obegolu, that the reforms align with its long-standing advocacy for policies that foster entrepreneurship, attract investment, and drive sustainable economic development.

The chamber particularly welcomed the exemption of small businesses with an annual turnover below N50m from Company Income Tax and the planned reduction in corporate tax rates for larger companies.

“The upward revision of the CIT exemption threshold from N25m to N50m clearly demonstrates an intent to support and empower small businesses,” the chamber stated.

However, ACCI expressed concern over certain provisions affecting professional service providers, calling for clarity and equitable enforcement to prevent unintended consequences.

The chamber also welcomed the retention of the Value Added Tax (VAT) at 7.5 per cent and the exemptions granted for essential goods and services.

The ACCI urged Tinubu and all relevant stakeholders to remain committed and courageous in executing these transformative changes, ensuring the reforms achieve their intended objectives.

The chamber reaffirmed its commitment to supporting the federal government through constructive policy dialogue and technical assistance.

“As a leading voice of the private sector, ACCI will continue to advocate for policies that promote business growth, encourage formalisation, and create a level playing field for all businesses, especially SMEs, which remain the backbone of Nigeria’s economy,” the statement concluded.