May 31, (THEWILL) – The Presidential Committee on Fiscal Policy and Tax Reforms, led by Taiwo Oyedele, has proposed a central tax agency known as the Nigerian Revenue Service.
The Oyedele-led Committee said the initiative is aimed at eliminating over 100 different collection agencies at the federal, state and local governments.
President Bola Tinubu had inaugurated the committee with a mandate to harmonise taxes and simplify the national tax system, removing taxes that impede businesses. The Committee was also tasked with helping to raise tax revenue as a percentage of GDP to 18% within the next three years.
Briefing the media on Thursday, the Committee said it recommended a zero-based budgeting and long-term appropriation.
“The budget must be restructured to classify items under infrastructure, human capital investment, personnel cost and productivity, administrative overheads, debt service and sinking funds,” it added
On taxes, the Oyedele-led Committee said it has also cut down over 60 taxes to only 8.
Some of the initial recommendations implemented include removing value-added tax on diesel and eliminating multiple taxes in the informal sector.
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