ARTICLE · 24 FEBRUARY 2017

FEC Approves Revised National Tax Policy

Deloitte Nigeria

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The approval is an aftermath of the submissions made by the NTP Review Committee set up by the Minister of Finance in August 2016.

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Deloitte Nigeria

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The Federal Executive Council (FEC) on Wednesday, 1 February 2017, approved the revised National Tax Policy (NTP). The approval is an aftermath of the submissions made by the NTP Review Committee set up by the Minister of Finance in August 2016.

The revised NTP was issued in recognition of the need to increase tax income and diversify sources of government revenues. Thus its main objective, according to the Minister, is to guide the operations of Nigeria's tax system as well as provide unambiguous implementation and monitoring strategies for stakeholders in the Nigeria tax system.

Highlights of the revised NTP include:

Introduction – Comprises definition of tax, constitutional provisions, challenges of the Nigerian tax system and objectives of the NTP

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