Presidential Tax Committee Presents 20 Crucial Recommendations For Nigeria’s Tax Sector

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President Bola Ahmed Tinubu was presented with the report titled ‘Quick Wins within 30 days’ from the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Taiwo Oyedele, during a meeting held at the Aso Villa on Tuesday…CONTINUE READING

According to a statement by Presidential spokesperson Ajuri Ngelale, the President instructed that all recommendations put forth by the Committee should be put into practice with the aim of reforming the nation’s tax sector.

Additionally, for the sake of clarity, Oyedele, through his official social media account on Tuesday, enumerated the 20 essential recommendations presented to Tinubu by the Committee:

1. Measures to eliminate redundancy in public service functions, promote sound public financial management, and maximize the value of government assets and natural resources.
2. Policy communication and coordination among Ministries, Departments, and Agencies (MDAs), economic management, and policy implementation teams.
3. Utilization of technology, specifically “Data4Tax,” to broaden the tax base.
4. Raising the personal income tax exemption threshold and personal relief allowance.
5. Providing tax incentives for the private sector, including wage hikes for low-income workers, transportation subsidies, and net employment growth.
6. Permission for Nigerian businesses to pay taxes on foreign currency-denominated transactions in Naira.
7. Elimination of obstacles to international employment opportunities for Nigerians residing in Nigeria.
8. Suspension of Value Added Tax (VAT) on diesel and tax exemptions for Compressed Natural Gas (CNG), CNG conversion, and renewable energy products.
9. Comprehensive reassessment of tariffs for the 43 items previously prohibited from accessing foreign exchange in the official market and a fiscal policy review of other restricted imports.
10. Overhaul of Withholding Tax Regulations to enhance simplicity and alleviate pressure on businesses’ working capital.
11. Promotion of mobile phone use for conditional cash transfers and the introduction of a spending framework for subsidy removal and foreign exchange reform windfall, along with the establishment of a national portal to monitor government spending at the federal, state, and local levels.
12. Suspension of multiple taxes that disproportionately affect low-income individuals and small enterprises, and offsetting the revenue losses with income from specific agencies.

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