The Fiscal Responsibility Commission (FRC) has endorsed the proposed Tax Reform Bill, stating that it aligns with the Fiscal Responsibility Act, 2007, to promote financial prudence, macroeconomic stability, and transparency.
FRC Executive Chairman, Victor Muruako, emphasized the need for diversified revenue sources, reduced reliance on oil, and improved fiscal transparency to prevent excessive government spending.
The commission recommended key measures, including modernizing tax administration, supporting small businesses, ensuring tax fairness, strengthening compliance, and adjusting revenue allocation.
If implemented, the reforms are expected to create a more efficient and business-friendly tax system while boosting government revenue for national development.
