Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has reassured that the proposed tax reform bills before the National Assembly are designed to enhance economic growth, not undermine any region of the country.
Speaking at an interactive session on the proposed Nigeria Tax Bill, 2024, Oyedele acknowledged Nigeria’s socio economic challenges, including 33.88% high inflation and unemployment, and over 95 million people living in monetary poverty.
Oyedele emphasized that the proposed reforms will increase efficiency, revenue for states, and exempt over 97% of SMEs from charging VAT on sales.
The administration also proposes zero percent VAT on food, education, and healthcare.
Speaker of the House, Honourable Tajudeen Abbas, ensured that the reform bills will be scrutinized in the best interest of Nigerians, aiming to expand Nigeria’s tax base, improve compliance, and establish sustainable revenue streams.
Abbas stressed the importance of tax reforms in achieving sustainable economic growth and development.
The Federal Inland Revenue Service (FIRS) Chairman, Dr. Zacch Adedeji, awaits the outcome of the bills, emphasizing the agency’s role in implementing policies and laws.