In a bid to alleviate the financial strain on low income earners, the Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, revealed that the committee is contemplating the expansion of income tax exemptions, among other strategic measures.
Speaking at a celebratory dinner held in his honor by the Association of Chartered Certified Accountants (ACCA) in Lagos, Oyedele outlined the committee’s overarching goals. “Our aim is to lessen the burden on individuals while establishing a framework that promotes accountability, transparency, and the prudent utilization of tax revenues,” he stated. “Furthermore, our focus will be on advancing Sustainable Development Goals, including eradicating hunger, ensuring access to clean water, boosting employment opportunities, enhancing the quality of life, and more.”
Divulging the committee’s action plan, Oyedele outlined a three-tiered approach, with the initial milestone to be achieved within 30 days. This initial phase is dedicated to quick wins and immediate actions that can be implemented without the need to modify existing laws. Among the options under consideration are the potential removal of Value Added Tax (VAT) from diesel, thereby reducing costs, as well as the expansion of income tax exemptions. These measures are intended to alleviate financial pressure on citizens and provide relief during challenging times.
Congratulating Oyedele on his appointment, Rashidat Adebisi, the Chairperson of the Nigerian Advisory Committee of ACCA and the Chief Client Officer of AXA Mansard Insurance, praised his exceptional competence and character. Speaking on the broader issue of revenue generation and taxation within the nation, Adebisi stressed the necessity for administrative improvements.
Adebisi emphasized, “Oyedele’s profound understanding of public sentiment, combined with his extensive expertise in taxation, holds the promise of favorable outcomes for both the country and its citizens. We can enhance revenue generation without resorting to tax hikes. The call for simplified taxation is also a pressing concern to avoid dual taxation. Moreover, Nigerians are keen to witness the judicious deployment of their taxes, especially in these challenging times.”
