Tinubu tax panel asks states to suspend low-revenue taxes

The Presidential Committee on Fiscal Policy and Tax Reforms is reportedly in discussions with state governors to reach an agreement for the suspension of low-revenue taxes, often referred to as “nuisance taxes.”JAMB Result

The committee, chaired by Taiwo Oyedele, aims to address the imposition of taxes that are deemed to be burdensome and not contributing significantly to state revenues.JAMB Portal

Oyedele emphasized the need to eliminate such taxes, especially those affecting the transport of goods between different regions, which disproportionately impact the economically vulnerable. The committee was established to drive tax reforms and enhance revenue generation for economic growth and development in Nigeria.

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He said, “We are asking states to suspend nuisance taxes that just create problems, with very little revenue to show for it. We are already meeting with their governors, and in some cases, we have set up small committees to discuss with their teams. So once the thing is signed, there won’t be any excuse, it is to be implemented the next day.”informationguidenigeria

He revealed that despite the widespread collection of certain taxes, the returns were not reaching government coffers.JAMB Result

The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has expressed concern over local governments reporting less than N50 billion in revenue collection for 2022, based on data from the National Bureau of Statistics.

Oyedele provided updates on the committee’s progress, stating that the Emergency Economic Intervention Bill, a crucial element of the tax reform strategy, is expected to be submitted to the Federal Executive Council for approval. Following FEC endorsement, the bill is set to proceed to the National Assembly, aiming for passage and presidential assent by the end of the first quarter of the year.NYSC Portal

The committee was established to address challenges related to multiple taxations affecting businesses in Nigeria. President Bola Tinubu also advocated for a speedy review of global taxation to address imbalances in the international tax regime during the third South Summit of the Group of 77 and China in Kampala, Uganda.

“The current international tax systems, largely shaped by the interests of more affluent nations, often leave developing countries at a disadvantage, especially in taxing digital economies.JAMB Result

“This systemic imbalance has led to significant revenue losses, hampering our efforts towards sustainable development and economic self-reliance,” argued Tinubu, who was represented by the Minister of Budget and Economic Planning, Abubakar Bagudu.

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