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TAIWO OYEDELE
The foreign exchange rate for import duties collection by the Nigeria Customs Service (NCS) has stayed at N1474/$ in the last three weeks consecutively- the longest duration since January.
The Presidential Committee on fiscal policy and tax reforms chaired by Mr. Taiwo Oyedele has proposed reduction in the personal income tax rate for Nigerians earning less than N2 million monthly and increase the rate for those earning above N5 million.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has stated that the committee has proposed an exemption of manufacturers and farmers from paying withholding tax as a way of reducing the tax burden on businesses.
The Presidential Fiscal Policy and Tax Reforms Committee has said that it is working on a system that will provide tax relief to 95% of the informal sector of the economy in the country.
Taiwo Oyedele committee has proposed sweeping reforms to the country’s Value-Added Tax (VAT) system, including increases in VAT rates on certain goods and services to offset the removal of multiple consumption taxes currently imposed by various states.
The Federal Government plans to introduce an emergency economic bill to boosts its revenue from the non-oil sector in Nigeria.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that Nigerians are paying over 200 unofficial taxes.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that about 81% of Nigerians in the employment pool are not in any productive sector of the economy.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has responded to the claim that his committee is planning to recruit “Area Boys” to be tax collectors in the country.
Taiwo Oyedele said his Committee has proposed the use of USSD and other digital channels for the payment of taxes and levies across the three tiers of government in Nigeria.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele has stated that the committee is making recommendations to the state and local governments across the country to suspend “nuisance taxes” that don’t add value to the state’s coffers.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that a mere 10% of the $20 billion 2023 diaspora remittances reached the Nigerian foreign exchange market.