The Chairman, Presidential Committee on Tax Reform and Fiscal Policy, Taiwo Oyedele, has revealed that the committee is working to ensure that a single-digit number of taxes is achieved across all levels of government. He stated this in Lagos at the Nigerian German Chamber of Commerce Business Success Morning Seminar.
The event was held in collaboration with the Delegation of German Industry and Commerce in Nigeria known as (AHK) with the theme ‘Tax and Fiscal Incentives for Nigerian Businesses Foreign Investment.’
Oyedele disclosed that the committee targets a minimum tax-to-Gross Domestic Product (GDP) ratio of 18 per cent within the next three years. He added that the committee was planning to rewrite all the major tax laws so that instead of amending the laws, a new law would be enacted.
“There are also plans to set up the office of Tax Ombudsman to provide information that can produce insight to issues and resolutions.
“We are working on a national tax policy for Nigeria. We want to use the opportunity to update the national tax policy and also include policies for Nigeria about spending and borrowing and to tackle the cost of governance and quality of spending,” Oyedele said.
Director General, NGCC, Marilyn Rapu, explained that the business success series are organised to address the economic challenges businesses are facing, adding that the presentation by Oyedele was meant to enlighten businesses on latest tax incentives.
“It becomes crucial for both local and foreign investors seeking opportunities in Nigeria’s dynamic market to find out what incentives are available and also to fully understand the plans and government policies that promote the ease of doing business in Nigeria,” she said.
Chief Executive Officer (CEO), Kaiser Construction and President of the Nigerian German Chamber, Igbuan Okaisabor, said the government needs to make sure that the private sector develops because reliance on government is not really sustainable.
His words: “The recommendations from the Committee are commendable and are expected to contribute immensely to tackling some of the current economic challenges plaguing the country. A lot of companies have suffered from multiple taxation so the committee’s recommendation to shrink the number of taxes will be a win-win – beneficial to both the government (in terms of collection efficiency) and to businesses.”
