To bridge the widening gap between a growing government spending and diminishing external sources of finance, comprehensive revisions are being made to various tax laws, including income tax, excise tax, and Value Added Tax (VAT). Behind closed doors, officials are diligently working to finalize these changes, aiming to broaden the tax base and bolster the federal government’s revenue stream.
However, these measures have placed a heavy burden on citizens already grappling with soaring inflation, unemployment, and a challenging business environment.
Source: allafrica.com
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