Abuja: The Abuja Chamber of Commerce and Industry (ACCI) has urged the government to suspend penalties on late tax filings until business owners adjust and fully understand the new tax laws and systems. Dr. Aliyu Hong, Chairman of the National Policy Advocacy Centre (NPAC) at ACCI, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
According to News Agency of Nigeria, Hong advocated for a one or two-year grace period on penalties linked to the new tax laws to allow business owners time to adjust to compliance procedures. He emphasized the need for business owners to adapt to Nigeria’s new tax laws and online filing systems. Hong suggested that online tax submission platforms should be properly tested and widely understood before the enforcement of penalties for non-compliance. He urged the government to allow a one or two-year moratorium on penalties, as taxpayers are still learning the new tax system. He also highlighted the importance of building reliable online tax infrastructu
re before enforcing strict compliance measures, suggesting that penalties should only begin after the infrastructure becomes stable, tested, and widely understood by taxpayers.
Hong, who is also the Second Deputy President of the chamber, mentioned that ACCI recently held a tax roundtable aimed at providing a clearer understanding of the new tax framework for business owners. He explained that the roundtable was designed to educate members on the requirements, implementation process, and obligations under the new laws, with a goal to simplify the new tax laws and improve understanding among stakeholders.
He pointed out that many Nigerians still lack adequate understanding of the new tax laws and their practical implications, noting that implementation structures for the laws are yet to be fully developed and properly coordinated. He urged the government to adopt a gradual implementation process to enable business owners to adjust effectively to the reforms. Hong stressed that taxation should not focus solel
y on revenue generation but also on economic stability, employment, and national development. He argued that no nation could achieve prosperity through taxation alone without creating conditions that encourage economic growth.
According to him, Nigeria’s business environment remains highly challenging for enterprises operating across different sectors. He noted that many business owners independently provide electricity, water, and security, which increases operational and production costs. Hong also pointed out that local enterprises would struggle to compete if unrestricted importation continued without adequate protection for domestic industries.