The Lagos Chamber of Commerce and Industry has cautioned the federal government on plans to raise some taxes as contained in the 2022 Finance Bill recently passed by the National Assembly, and currently awaiting the president’s assent.In a statement at the weekend, the Director-General, LCCI, Dr Chinyere Almona, said the government should explore new ways to rescue tax expenditures to boost government revenue in 2023, rather than adding to the tax burden of businesses.
“On the path of caution, we urge the government to thread conservatively in raising tax rates, since there are new ways of rescuing some tax expenditures to add up to government revenue in 2023.Almona further stated that, based on feedback from operators in the oil and gas sector and the wider business community, LCCI recommend the following: