March 5, 2024
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has unveiled key recommendations aimed at fostering sustainable economic growth in Nigeria.
He made this known on Tuesday during the 154th Meeting of the Joint Tax Board (JTB) themed “Optimising Tax Administration; Leveraging Harmonisation of Taxes via Digital Transformation” at the Transcorp Hilton Hotel, Abuja.
Among these proposals are the suspension of Value Added Tax (VAT) on diesel and the implementation of tax waivers on Compressed Natural Gas (CNG), CNG conversion, and renewable energy items. Additionally, he suggests the harmonization of new laws to establish a single-digit list of taxes and levies, as well as the streamlining of revenue administration processes.
Mr. Oyedele emphasized the importance of these reforms in revamping the national tax policy, expenditure management, borrowing practices, and reporting framework. He highlighted the need for a comprehensive approach to accelerate economic growth and development.
Furthermore, Mr. Oyedele addressed the issue of Nigerians living abroad, pointing out that while their cumulative percentage is under 3% of the population, the focus should not be on how they are leaving but rather why they are leaving.
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