Tax Reforms: Presidential Committee On Fiscal Policy submits report

*As  Zach Adedeji to unveil new tax policies

 Chairman of Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele has submitted its report to President Bola Ahmed Tinubu at the State House in Abuja, Nigeria’s capital.

This is even as the  Acting Chairman of Federal Inland Revenue Service ( FIRS), Zacch Adedeji is expected to unveil new tax policies in line with the programme of the present regime.

The report following the mandate of the committee is to be implemented within thirty days while critical reform measures are also expected to be recommended within six months and the full implementation will take place within one calendar year.

The President directed the implementation of all recommendations in the report across Ministries, Agencies and Departments of the Federal Government.

He gave the directive on Tuesday after receiving the report on the quick-win achievements of the Committee from its Chairman, Mr Taiwo Oyedele

Disclosing these to journalists after the meeting, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the President directed his Adviser on Policy Coordination, Hadiza Bala Usman, to liaise with the Secretary to the Government of the Federation (SGF), George Akume and Mr Oyedele to give effect to the directive.

According to him, the directive to implement the recommendations across government institutions is to ensure effective synergy and assimilation when it comes to their application.

He further disclosed that the President promised to make the presentation of the recommendations a priority item when the Federal Executive Council (FEC) meets again on Monday.

“After listening to a presentation by the committee chairman, the President directed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, to liaise with the Secretary to the Government of the Federation and the Chairman of the Tax Policy Review Committee to ensure that the recommendations of the committee are swiftly and immediately implemented across all ministries, departments, and agencies of the federal government to ensure that there is effective synergy and to ensure that every institution of the federal government is on the same page with respect to how tax policy will be implemented.

“Henceforth, His Excellency Mr President has also made available an opportunity for the recommendations of the tax policy review committee to be made a top priority at the next sitting of the Federal Executive Council meeting on Monday. Mr. President will continue to emphasise the importance of ensuring that our tax authorities are not taxing the seed, but are taxing the fruit and that will continue to be the focus.”

President Bola Ahmed Tinubu also directed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman to collaborate with the Secretary to the Government of the Federation and the Chairperson of the Tax Policy Review Committee to ensure prompt and seamless implementation of the committee’s recommendations across federal government ministries, departments, and agencies.

This is to facilitate effective coordination and ensure uniformity in the execution of tax policies across all federal government institutions.

The President has also directed that the suggestions of the tax policy review committee be given high priority during the next federal executive council meeting on Monday.

He said that for the government to secure optimal public service delivery for its citizens, it is imperative to expand the tax base significantly.

“After listening to a presentation by the committee chairman, the President directed the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, to liaise with the Secretary to the Government of the Federation, and the Chairman of the Tax Policy Review Committee to ensure that the recommendations of the committee are swiftly and immediately implemented across all ministries, departments, and agencies of the federal government to ensure that there is effective synergy and to ensure that every institution of the federal government is on the same page with respect to how tax policy will be implemented.”

This expansion will now be carried out to an extent that tax collection reaches the targeted threshold of 18 per cent of the Gross Domestic Product as directed and aimed for by the President.

He mentioned that the President intends to achieve this goal without imposing excessive hardships on the most disadvantaged segments of Nigeria’s population and without significantly raising taxes on large, medium, and small-scale industries in the country.

President Tinubu had tasked the Tax Reforms committee to improve Nigeria’s revenue profile while making the business environment more conducive and internationally competitive.

The committee had also set to achieve a minimum of 18% Tax to GDP ratio within the next three years.

It would be recalled that President Tinubu inaugurated the presidential committee on fiscal policy and tax reforms.

The president also approved the establishment of the committee and appointed Taiwo Oyedele, a tax and fiscal policy expert, as its chairman.

Addeji’s new policy followed a meeting with President who will also unveil a new tax policy that will allow for a central coordinating house for federal procurement activities.

The new policy will also raise tax revenue without creating unnecessary tax burdens for  Nigerians.