British-Nigeria Chamber Urges Clarity, Transparency In Tax Reforms

By OBI DAVIES

THE Nigerian British Chamber of Commerce (NBCC) has urged the Federal Government to make its tax reforms more predictable and transparent to boost business confidence and attract investment.

NBCC President, Prince Abimbola Olashore, said many businesses—especially SMEs—struggle to understand key provisions due to poor communication and inconsistent interpretations. He called on the Federal Inland Revenue Service (FIRS) to engage stakeholders through sector-focused workshops and simplified guidelines.

Olashore warned that unclear rules, multiple taxation, and the removal of foreign loan interest exemptions could discourage investment and raise borrowing costs. He advocated a digital tax registry to curb duplication and improve compliance.

He added that businesses want a fair, stable tax regime that broadens participation without overburdening compliant firms. The NBCC, he said, remains committed to partnering with government to build a tax system that promotes both revenue generation and economic growth.