New tax laws: Incentive schemes must spur industrialisation — LCCI

By Yinka Kolawole

The Lagos Chamber of Commerce and Industry (LCCI) has voiced the tendency of the organised backstage assemblage (OPS) successful Nigeria connected however the incentives schemes successful the recently enacted taxation laws could beryllium utilized to spur industrialisation successful the country.

President of LCCI, Gabriel Idahosa, made the declaration yesterday successful Lagos, successful his opening remarks astatine the Private Sector Stakeholders’ Forum connected Emerging Tax Matters hosted by the chamber.

He stated: “The Nigeria Tax Reform Act 2025, with its sweeping provisions connected integer taxation, unified filing systems, and incentives for greenish and export-oriented industries, offers a bold accidental to fortify that societal contract. Yet bold authorities unsocial is not enough; effectual and collaborative implementation volition find whether we unlock the inclusive prosperity we each seek.

“This forum provides a captious level for specified collaboration. We indispensable interrogate however the caller Act volition operate, ensuring its laudable objectives construe into predictable, transparent, and business-friendly outcomes.

“Key questions request our attention: How tin the recently introduced Investment and Export Incentive Schemes nether the Act beryllium administered transparently to spur industrialisation alternatively than make avenues for abuse? And however bash we institutionalise businesslike dispute-resolution processes via the Tax Appeal Tribunal, truthful that taxation disagreements bash not cripple enterprise?

“The Organised Private Sector is acceptable to prosecute constructively. LCCI acknowledges the important advancement already achieved by the Federal Inland Revenue Service and the Lagos State Internal Revenue Service, particularly successful digitalising compliance, unifying Tax Identification Numbers, and promoting greater transparency successful gross reporting. “These initiatives align good with the 2025 Act’s accent connected technology-driven administration. But arsenic commerce becomes much digital, cross-border, and innovation-intensive, the taxation situation indispensable stay adaptive. The backstage sector’s acquisition astatine the frontlines of accumulation and commercialized offers applicable insights into however the Act tin beryllium implemented with minimal friction and maximum maturation impact.”

Idahosa noted that taxation works champion erstwhile taxpayers spot disposable value. The 2025 Act includes provisions for enhanced accountability connected however revenues are deployed, but tangible improvements indispensable lucifer those provisions successful infrastructure, nationalist services, and governance.

The station New taxation laws: Incentive schemes indispensable spur industrialisation — LCCI appeared archetypal connected Vanguard News.