The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced the Federal Government’s intention to reintroduce the National Tax Amnesty Scheme.....KINDLY READ THE FULL STORY HERE▶

This disclosure was made during a two-day retreat of the presidential committee held in Abuja, as stated in a press release by Stephen Kilebi, the spokesperson of the Ministry of Finance.

The National Tax Amnesty Scheme provides taxpayers with a limited-time opportunity to regularize their tax status for previous tax periods and settle outstanding taxes while enjoying specific benefits….CONTINUE READING

Initially launched on July 1, 2017, the amnesty was initially intended to last for nine months but was extended until March 31, 2018.

Oyedele conveyed that the administration of President Bola Tinubu is considering reestablishing the National Tax Amnesty Scheme, aiming to mitigate the impact of the recent fuel subsidy removal.

During the event, Oyedele outlined several anticipated outcomes from the committee’s efforts, including the optimization of taxes, streamlined revenue collection functions, a revised national tax policy, a national fiscal framework, drafting bills for constitutional amendments, revenue enhancement, formulation of a model template for sub-national entities, and the establishment of the national tax amnesty scheme.

The Chairman’s statements suggest that the administration led by President Tinubu might adopt this scheme as a strategy to encourage prompt tax payments from individuals and corporate entities, as reported by Punch.