Fiscal Policy Partner and West Africa Tax Leader at PwC, Mr. Taiwo Oyedele, has said the new Company and Allied Matter ACT (CAMA) is the most significant business legislation in Nigeria, which would impact on the ease of doing business and also attract investment and economic growth.
Mr. Oyedele disclosed this at the PwC’s Capability Enhancement Workshop for Journalists in Lagos.
The virtual workshop had participants from traditional broadcast, print and new media platforms.
He said a clear implementation of the CAMA guidelines would be needed to bridge the lack of trust between the FG and the masses, according to,
“The new Companies and Allied Matters Act 2020 is not an amendment but a re-enactment of the older law.”
He said the new CAMA has over 8000 sections which is over 200 more than the old one as the government made more measures for administrative roles, including arrangements to rescue a company which gives the government the means to rescue a failing business.
For private businesses, Mr. Oyedele cited the reduction of fees and charges as commendable; the same went for the introduction of limited liability partnerships.
“Nigeria needs to repeal the multiplicity of taxes and levies charged, seeing as 95% of taxes come from 5 major tax sources.
“Also needed would be capacity and management skills for small business owners, infrastructure to enable a better business environment and more institutional reforms.”
He urged that CAMA should be in line with authentication acts, adding that complementary reforms were needed to harmonize the inconsistent regulations.
Oyedele said continuous improvement would be needed on the CAMA, considering global best practices instead of waiting for another 30 years for reviews.
