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Olugbemi. Adeyinka Ogunleye
3 days ago
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There're Still Unfinished Business Matters Regarding Tax Reforms, Says Oyedele
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that there are still unfinished business matters regarding tax reforms in the country.
Oyedele said this at his 50th birthday lecture in a speech titled, ‘Designing Tomorrow: Policy blueprint and lessons for the future’, which he shared on his X handle yesterday.
In June, President Bola Tinubu signed four tax reform bills into law: the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act, collectively referred to as ‘the Acts.’ The bills have been touted as a major step toward bringing Nigeria’s tax regime into the 21st century by consolidating the country’s fragmented tax laws into a harmonised statute and establishing a uniform legal and operational framework for tax administration across federal, state, and local governments.
However, in his birthday policy speech, Oyedele hinted that the reforms were far from over.
He said, “The reforms are not done. We still have unfinished business. We need to lower corporate tax rates on businesses to attract more investments and stimulate expansion. With high inflation, a high tax rate will invariably be taxing capital, not profit. We must address regulatory overreach, embrace digitalisation, and refine our tariff system to reduce the rates on raw materials and intermediate products, which are currently twice the average for sub-Saharan Africa. Addressing our tariffs and regulatory hurdles is the equivalent of granting waivers from all income and consumption taxes.
