President Tinubu inaugurates tax reform committee, says we can’t proceed to tax poverty 

President Tinubu this afternoon inaugurated the Presidential Committee on fiscal coverage and tax reform on the Presidential Villa.  

The President whereas inaugurating the committee stated

• “We can’t proceed to tax poverty after we are supposed to advertise prosperity”  

The Presidential Committee on fiscal coverage and Tax Reforms was arrange by President Tinubu early in July and chaired by Mr Taiwo Oyedele- the previous fiscal companion and Africa tax chief at PwC.

The transfer to ascertain a particular committee on tax reforms aligns with the President’s agenda to take away all obstacles impeding enterprise development within the nation.  

President Tinubu’s earlier dedication to tax reforms 

It must be recalled that throughout the President’s inauguration speech said his dedication to addressing the difficulty of a number of taxations when he stated,

• “I’ve a message for our traders, native and international: our authorities shall evaluation all their complaints about a number of taxations and numerous anti-investment inhibitions.” 

The make-up of the tax reform committee 

The Presidential tax committee is made up of consultants from each the personal and public sectors and can be saddled with the duty of overseeing tax legislation reform, fiscal coverage design and coordination, harmonization of taxes, and income administration. 

Nigeria enterprise and a number of taxes 

Over time, the Nigerian enterprise group has complained about a number of taxation and different practices inimical to enterprise development within the nation. 

In an earlier report by Nairametrics, the Nigeria Employers’ Consultative Affiliation (NECA) expressed fear over the quite a few taxes being paid by companies within the nation.

In line with the D.G. of the group, companies within the nation are saddled with over 50 completely different taxes and levies each authorized and unlawful.  

He complained about particular taxes corresponding to stamp duties; petroleum revenue tax; capital positive factors tax, value-added tax; private earnings tax; withholding tax; tertiary schooling tax, and so forth.