On the single digit tax system being proposed by President Tinubu, the Chairman of the Presidential Committee on Tax Reforms and Fiscal Policy, Taiwo Oyedele has already submitted the team's maiden report (first phase) which was tagged “quick-wins” while the second phase which is currently ongoing is tagged “critical reforms” 👇 - The committee recommended the pruning of the long list of officially collectable taxes and levies, currently exceeding 60, to a manageable single-digit number. - The tax committee’s aim was to consolidate the taxes at all levels of government, and reduce the total number to less than 10. - According to Taiwo, restructuring the country's tax system will not be achievable through the courts, citing the circumstances around the Value Added Tax (VAT), but by assembling stakeholders for deliberations and approaching the National Assembly. - The second phase (critical reforms) involves rewriting major tax laws. - Taiwo added that the country is currently revising its laws and regulations on taxation, adding that the committee had interfaced with the Senate and the House of Representatives with the objective of addressing all necessary reforms. - The committee has already commenced public consultation and stakeholder engagement on tackling some of the controversy around the VAT. - The committee targets a minimum tax-to-GDP ratio of 18 percent within the next three years. - President Tinubu also directed the immediate implementation of all recommendations by the committee across federal ministries, departments and agencies (MDAs).
On the single digit tax system being proposed by President Tinubu, the Chairman of the Presidential Committee on Tax Reforms and Fiscal Policy, Taiwo Oyedele has already submitted the team's maiden report (first phase) which was tagged “quick-wins” while the second phase which is currently ongoing is tagged “critical reforms” 👇 - The committee recommended the pruning of the long list of officially collectable taxes and levies, currently exceeding 60, to a manageable single-digit number. - The tax committee’s aim was to consolidate the taxes at all levels of government, and reduce the total number to less than 10. - According to Taiwo, restructuring the country's tax system will not be achievable through the courts, citing the circumstances around the Value Added Tax (VAT), but by assembling stakeholders for deliberations and approaching the National Assembly. - The second phase (critical reforms) involves rewriting major tax laws. - Taiwo added that the country is currently revising its laws and regulations on taxation, adding that the committee had interfaced with the Senate and the House of Representatives with the objective of addressing all necessary reforms. - The committee has already commenced public consultation and stakeholder engagement on tackling some of the controversy around the VAT. - The committee targets a minimum tax-to-GDP ratio of 18 percent within the next three years. - President Tinubu also directed the immediate implementation of all recommendations by the committee across federal ministries, departments and agencies (MDAs).
@kc_journalist I guess the committee will finish his works after 4 years.
@kc_journalist According to Taiwo, restructuring the country's tax system will not be achievable through the courts, citing the circumstances around the Value Added Tax (VAT), but by assembling stakeholders for deliberations and approaching the National Assembly. Nice point ☝️
@kc_journalist President Tinubu also directed the immediate implementation of all recommendations by the committee across federal ministries, departments and agencies (MDAs). No time wasting..... Correct manager 💪