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Nigeria can double income with out heavy taxes, says Oyedele

The Chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele believes Nigeria can considerably increase its income with out imposing new taxes.

Instead, he advocates for higher tax administration and using know-how to shut the estimated N20 trillion tax hole.

In an interview on Channels Television’s “Politics Today” on Friday, Oyedele emphasised that the committee’s work focuses on transformative fiscal reforms pushed by proof and broad session.

“We’ve done a lot of work, quite extensive and far-reaching,” he remarked. We have ve consulted broadly, together with with governors, federal income providers, and first sector stakeholders,” he stated.

The Presidential Committee on Fiscal and Tax Reforms, was established to assessment and reform Nigeria’s fiscal and tax insurance policies, aiming to boost effectivity, improve income, promote financial progress, and scale back poverty.

The committee’s targets embody reviewing tax legal guidelines, figuring out new income sources, growing a nationwide fiscal coverage, harmonizing tax insurance policies, enhancing tax administration, enhancing transparency, selling financial diversification, and inspiring non-public sector funding.

The committee’s work is predicted to result in a more practical fiscal and tax system, enhancing the general well-being of Nigerians.

Regarding the tempo of fiscal reforms in comparison with financial coverage, Oyedele defined, “Fiscal reform cannot be as rapid as monetary policy. It requires evidence-driven policies and extensive consultation to ensure accurate diagnosis and effective prescriptions.”

He additional disclosed that some suggestions, together with a brand new tax regime providing reduction to small companies and easing capital constraints, have already been applied.

These measures, signed by the Ministers of Finance and Economy, Wale Edun are designed to stimulate progress amid present financial challenges.

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When requested about producing extra income with out growing taxes, Oyedele expressed optimism.

“We have over 60 different taxes and levies but haven’t collected enough to adequately fund infrastructure like roads,” he famous.

“Instead of introducing new taxes, we advocate consolidating and harmonizing existing ones,” he added.

Oyedele harassed the significance of leveraging knowledge intelligence and know-how to shut tax gaps and guarantee compliance.

“By identifying those who should be paying but aren’t, we can potentially double our revenue within two to three years,” he asserted.

He additionally emphasised the necessity for exemptions for micro-businesses and low-income earners to stop burdening society’s most weak.

Oyedele affirmed his confidence in Nigeria’s means to mobilize income sustainably.

“We believe in our approach over the medium to long term by streamlining taxes and enhancing compliance through modern methods, Nigeria can unlock its economic potential without overburdening its citizens,” he stated.

The committee’s proposals are anticipated to endure additional legislative processes within the coming weeks, aiming to pave the best way for a extra sturdy fiscal coverage framework in Nigeria.

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