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TAIWO OYEDELE
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele has stated that the federal government hopes to reduce company income tax in the coming years.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that a truck driver spends more than N450,000 as levies to transport food items such as yams from the northern part of the country to the south.
The Presidential Fiscal Policy and Tax Reforms Committee has proposed the introduction of a 0% VAT on intellectual property and services as part of a broader initiative to stimulate Nigeria's export sector.
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has urged Nigerians to stop blaming Western countries, foreigners, and international institutions for the country’s underdevelopment.
The chairman of the presidential committee on fiscal policy, Taiwo Oyedele, has revealed that the committee has proposed to the federal government the removal of taxes on food, public transportation, house rents, and other basic necessities critical to the wellbeing of Nigerians.
The exchange rate for the Nigeria Customs Service (NCS) duties collection has risen from N1,520/$ to the current figure of N1,558 to the USD.
The Federal Ministry of Finance has introduced new regulations that include significant tax exemptions for games, reality show winnings aimed at promoting entrepreneurship, academics, technology, and scientific innovation.
The Federal Government has categorized all electricity companies including the generation and distribution companies (GenCos and DisCos) as part of those exempted from payment of withholding tax in the country.
The Chairman of the Presidential Committee on Fiscal and Tax Reform, Taiwo Oyedele, stated that his committee has submitted approximately ten tax reform bills to the National Assembly for constitutional amendments.
The federal government has approved a new withholding tax regime for the country and introduced key changes to the previous tax regime such as reduction of rates for businesses with low margins and measures to curb evasion.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has advocated for an hourly minimum wage for workers in the country.
Taiwo Oyedele has disclosed that traders in the pure water (sachet water) business in Nigeria pay at least six to seven taxes a day.