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TAIWO OYEDELE
The Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, has cautioned that allowing state governments to collect Value Added Tax (VAT) could result in chaos.
The new tax reform bills under consideration at the National Assembly propose to halt revenue collection by federal agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS).
Sen. Ali Ndume has stated that the new tax bills currently in the National Assembly are dead on arrival if President Tinubu does not withdraw them.
The National Economic Council (NEC) comprising of the 36 state Governors and chaired by the Vice President has recommended the withdrawal of the Tax Reforms Bill currently before the National Assembly.
According to him, the current VAT distribution model is not only unfair to Northern states but states across all geopolitical zones.
Some financial experts have expressed support for the Federal Government's plan to impose a 25% personal income tax on Nigeria's wealthiest citizens, citing its potential to reduce inequality and increase national revenue.
This explainer breaks down the proposed Personal Income Tax Bill, highlighting how the new tax structure will impact salary earners in Nigeria, with simplified rates and significant changes for both low and high-income earners.
The Federal government is looking at imposing a 25% tax rate on individuals earning N100 million and above monthly in the country.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed reports suggesting that the committee is proposing a reduction in the federal government’s share of the Federation Account Allocation Committee (FAAC) to 10%.
Taxes paid by Nigerians involved in the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, surged by 49% in the first six months of 2024 compared to the same period last year.
The Chairman of the Presidential Committee on Fiscal Policy, Taiwo Oyedele, has explained the reasons behind the federal government’s decision not to approve a fixed or pegged exchange rate for calculating Customs import duties.
The Presidential Fiscal Policy and Tax Reform Committee has announced plans to use the Federal Capital Territory (FCT) as a pilot for the implementation of tax harmonisation across Nigeria.