Politics
Tinubu-Led Tax Committee Recommends States To Temporarily Halt Low-Revenue Taxes
Tinubu-Led Tax Committee Recommends States To Temporarily Halt Low-Revenue Taxes....KINDLY READ THE FULL STORY HERE▶
The Presidential Committee on Fiscal Policy and Tax Reforms is engaging in discussions with state governors to facilitate the suspension of certain low-revenue taxes, as part of an initiative to eliminate what the committee refers to as ‘nuisance taxes’ imposed by states and local government authorities nationwide. The committee, led by Chairman Taiwo Oyedele, aims to instigate tax reforms to boost essential tax revenue for economic growth and development…….CONTINUE READING
Oyedele, in an interview with Channels Television, highlighted that these low-revenue taxes, termed as “nuisance taxes,” were not contributing significantly to state revenues. He specifically pointed out that taxes on the transport of goods between the North and South were adversely affecting the economically disadvantaged.
The committee is currently in discussions with state governors, urging them to suspend these ineffective taxes. Oyedele emphasized the importance of immediate implementation after the agreement is reached to ensure a prompt resolution.
Despite the widespread collection of certain taxes, Oyedele expressed concern that the returns were not reaching government coffers. Additionally, he noted that local governments reported less than N50 billion in revenue collection for 2022, as per data from the National Bureau of Statistics.
To address these challenges, Oyedele provided updates on the committee’s progress, stating that the Emergency Economic Intervention Bill, a crucial aspect of the tax reform strategy, is set to be submitted to the Federal Executive Council for approval. After obtaining FEC endorsement, the bill will proceed to the National Assembly, with expectations for passage and presidential assent by the end of the first quarter.
The committee, inaugurated by President Bola Tinubu, is tasked with addressing the complexities arising from multiple taxations, which pose significant challenges for businesses dealing with various taxes and levies from different government levels.
Meanwhile, President Tinubu has called for a swift review of global taxation during the third South Summit of the Group of 77 and China in Kampala. He argued that the current international tax systems disadvantage developing countries, particularly in taxing digital economies. Tinubu emphasized Nigeria’s commitment to multilateralism and its role in championing a historic initiative at the United Nations for a Framework Convention on Tax, aiming to establish a more equitable and inclusive global tax system. The president expressed gratitude to countries supporting the global tax review initiative, citing it as a step towards rectifying existing inequities and fostering a more just economic order. Tinubu also reaffirmed Nigeria’s dedication to South-South economic collaboration and advocated for the revival of the Action Committee on Raw Materials of the G-77 to enhance cooperation in developing and processing raw materials. Lastly, he reiterated Nigeria’s position on the Israel-Palestine conflict, endorsing a two-state solution for a peaceful resolution.
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