President Tinubu this afternoon inaugurated the Presidential Committee on fiscal policy and tax reform at the Presidential Villa.
The President while inaugurating the committee said
- “We cannot continue to tax poverty when we are supposed to promote prosperity”
The Presidential Committee on fiscal policy and Tax Reforms was set up by President Tinubu early in July and chaired by Mr Taiwo Oyedele- the former fiscal partner and Africa tax leader at PwC.
The move to establish a special committee on tax reforms aligns with the President’s agenda to remove all obstacles impeding business growth in the country.
President Tinubu’s earlier commitment to tax reforms
It should be recalled that during the President’s inauguration speech stated his commitment to addressing the issue of multiple taxations when he said,
- “I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxations and various anti-investment inhibitions.”
The makeup of the tax reform committee
The Presidential tax committee is made up of experts from both the private and public sectors and will be saddled with the responsibility of overseeing tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
Nigeria business and multiple taxes
Over time, the Nigerian business community has complained about multiple taxation and other practices inimical to business growth in the country.
In an earlier report by Nairametrics, the Nigeria Employers’ Consultative Association (NECA) expressed worry over the numerous taxes being paid by businesses in the country.
According to the D.G. of the group, businesses in the country are saddled with over 50 different taxes and levies both legal and illegal.
He complained about specific taxes such as stamp duties; petroleum profit tax; capital gains tax, value-added tax; personal income tax; withholding tax; tertiary education tax, etc.
