Tinubu directs implementation of ‘Quick Win Report’ on tax reforms
President Bola Tinubu has directed the implementation of all recommendations made by the Presidential Fiscal Policy and Tax Reform Committee across ministries, agencies, and departments of the federal government.
Tinubu gave the directive after receiving the ‘Quick Win Report’ on fiscal policy and tax reforms from the committee tasked with improving the nation’s revenue profile and business environment.
Briefing State House reporters after the meeting, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said President Tinubu directed the implementation of all recommendations by the Presidential Fiscal Policy and Tax Reform Committee across ministries, agencies and departments of the federal government.
The Committee on fiscal policy and tax reforms since its inauguration on the 8th of August has made crucial recommendations in its preliminary report aimed at ensuring efficient and effective tax administration in the country.
In his prayers to the President, Mr. Oyedele, among others, called for an emergency economic intervention bill (Executive Bill) and the issuance of Presidential Executive Orders to address the duplication of functions across the public service, and to ensure prudent public financial management in a bid to optimize value from government assets and natural resources.
Now, The committee’s assignment to reform the tax administration has gotten to the critical stage which will include addressing multiplicity of taxes, and working with the sub-nationals to achieve a single digit tax at all levels of government.
President Tinubu granted the request of the committee to address a meeting of the Federal Executive Council (FEC) and apprise cabinet members of their work and expected outcomes to facilitate economic growth.
He has also directed Ms. Hadiza Bala Usman, the Special Adviser on Policy Coordination, to coordinate with the relevant government officials for the session.
The Presidential Committee understands that reforming the country’s tax laws may require some level of legislations and a need to rewrite certain tax laws in the constitution.
During his post-meeting briefing, Oyedele said government was looking at how to remove impediments to businesses as legal and tax impediment did not allow global organisations to hire smart and intelligent young Nigerians in Nigeria to work within the global value system.
The tax reform chairman, who said the committee was at the second phase which involved rewriting our major tax laws, rued multiplicity of taxes totalling over 200 in Nigeria.
In his remarks, the Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, pledged to ensure the implementation of the recommendations of the committee, as they may apply, pending the approval of the president.
Adedeji said that beyond supporting the fiscal and tax reforms, the FIRS will explore opportunities to diversify the nation’s revenue sources, as the historical overreliance on oil has made the economy vulnerable.