A revised National Tax Policy (NTP or the Policy) was approved
by the Federal Executive Council (FEC) of Nigeria on 1 February
2017. The approval is an aftermath of the submission made by the
NTP Review Committee, set up by the Minister of Finance in August
2016 for the review of the old NTP that was initially issued in
2012. The committee, headed by Prof Abiola Sanni, submitted its
report in September 2016.
NTP was first published in 2012 as a deliberate effort towards
entrenching a robust and efficient tax system in Nigeria. Although
not much happened with respect to implementation, the rapidly
changing business environment makes revision imperative.
When compared with the old NTP, the revised NTP is a slimmer and
more concise version, which is more reader friendly with just about
12 pages grouped into 5 chapters. It is clearer and contains
actionable implementation and monitoring strategies.
