• Nigeria taxing poverty, capital, investment, says Taiwo Oyedele
Nigerian youths have called for a simpler, fairer, more transparent and growth-driven tax system that will support small businesses and startups, foster business development, encourage innovation and digital entrepreneurship, promote environmental responsibility and ensure government accountability in tax utilisation.
They stressed that taxation should not just be an obligation, but a social contract between the government and the people, and called for a well-structured tax system that would drive economic growth, create jobs and improve the quality of life for all Nigerians.
The group maintained that Nigeria’s tax system should not only generate revenue but also create economic opportunities, encourage entrepreneurship and ensure fairness.
This was part of recommendations from the National Youth Dialogue on the Tax Reform Bill, held recently at the House of Representatives.
The event was organised by Project SPRINT, in collaboration with the House Committee on Youths in Parliament and a coalition of youth organisations, including Equity International Initiative, Nigerian Youth Parliament, and Centre for Youth Participation in Dialogue and Advocacy (CYPA) Africa, among others.
MEANWHILE, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has described Nigeria’s current tax system as one that taxes poverty, capital and investment.
According to Oyedele, Nigeria imposes a high tax burden on businesses, making it one of the top ten countries with a tax burden in the world.
He spoke in Lagos at the grand reception for the President of the Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe. The event featured a keynote address on: “Understanding the Nigeria Tax Reforms.”
Oyedele noted that Nigeria was taxing those who could not afford the basic needs.
He said: “We impose a high burden on businesses, large, medium and small. The tax burden on businesses in Nigeria today is one of the highest in the world. Nigeria ranks in the top-ten highest corporate tax burden in the world.”
