• Sunday, May 19, 2024
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Presidential fiscal policy and tax reforms committee to begin public consultation Thursday

Why we are reviewing withholding tax laws — Oyedele

The Presidential Fiscal Policy and Tax Reforms Committee has planned to hold public engagements on fiscal and tax reforms starting in Lagos on Thursday.

In a statement made available on Tuesday on X by its chairman, Taiwo Oyedele, the committee will consult both in Lagos and Abuja in a renewed effort to revise the National Tax Policy.

After Lagos’ session on May 2, another is scheduled for Monday, 6th May in Abuja with the theme, “Proposed Changes to the National Tax Policy, Tax Laws and Administration”.

“As part of our ongoing fiscal & tax reforms, and based on inputs from our consultations & public engagements, we are revising our National Tax Policy.

“We have also drafted new tax laws & submitted proposals for amendments to the Constitution to address various fiscal issues,” he said.

Oyedele noted that the public consultation would serve as an avenue to keep the general public in the know as to certain tax frameworks the committee had developed and deliberate on the way forward.

“We are organising a Policy Exposure and Impact Assessment Session to provide an update and discuss the key proposed changes,” the tax expert said.

As Africa’s largest economy, Nigeria’s tax-to-GDP ratio comes as one of the lowest in the world at a staggering 10.8 per cent for a country of more than 200 million people.

Hence, the Presidential Fiscal Policy and Tax Reforms Committee was inaugurated by President Bola Tinubu with the mandate of simplifying Nigeria’s tax system and stimulating growth and development.

The Committee has a core responsibility of transforming Nigeria’s revenue generation for sustainable development to achieve at least an 18 per cent tax-to-GDP ratio by 2026.