This afternoon, President Bola Tinubu inaugurated the Presidential Committee on fiscal policy and tax reform at the Presidential Villa, emphasizing the need to prioritize promoting prosperity over taxing poverty.
Earlier in July, President Tinubu established the Presidential Committee on fiscal policy and Tax Reforms, with Mr. Taiwo Oyedele, the former fiscal partner and Africa tax leader at PwC, serving as its chairperson. This initiative reflects the President’s commitment to eliminating barriers that hinder business expansion within the country.
President Tinubu’s initial pledge reform taxes
It is important to remember that in his inauguration speech, the President emphasized his commitment to resolving the issue of multiple taxations by stating that his administration would thoroughly review all complaints about excessive taxes and barriers to investment, addressing concerns raised by both local and foreign investors.
Composition of the reform committee
Comprising experts from both the private and public sectors, the Presidential tax committee will undertake the task of supervising tax law reform, designing and coordinating fiscal policies, aligning taxes, and managing revenue administration.
Businesses in Nigeria and the burden of multiple taxes
Over a period of time, the Nigerian business community has raised concerns about the issue of multiple taxation and other detrimental practices that hinder the growth of businesses within the country. Reports earlier showed that the Nigeria Employers’ Consultative Association (NECA) expressed alarm regarding the extensive array of taxes imposed on businesses in the nation.
The Director General of the organization highlighted that businesses in Nigeria face the burden of more than 50 different taxes and levies, encompassing both legal and illegal aspects. He specifically mentioned grievances related to taxes such as stamp duties, petroleum profit tax, capital gains tax, value-added tax, personal income tax, withholding tax, and tertiary education tax, among others.
To get rich in Nigeria is a dream that many aspire to achieve. With the nation’s diverse a…