Nigeria, Dec. 4 -- The Federal Inland Revenue Service (FIRS) has stated that Nigeria's newly enacted tax laws are designed to strengthen economic competitiveness, attract investments and improve long-term fiscal stability.

In a statement on Monday, the agency also clarified that the much-debated 4 per cent Development Levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

In recent weeks, the new Nigeria Tax Act (NTA) and Nigeria Tax Administration Act (NTAA) sparked widespread debate among citizens and businesses seeking clarity on how the reforms will affect them and their respective businesses.

However, the tax authority emphasised that these concerns stem largely fr...