Chairman of the Presidential Committee on Tax Reform and Fiscal Policy, Taiwo Oyedele, has reiterated that the committee would ensure that a single-digit number of taxes across all levels of government is achieved.
He said this in Lagos at the Nigerian-German Chamber of Commerce (NGCC) business success morning seminar in collaboration with the Delegation of German Industry and Commerce in Nigeria known as (AHK).
He noted that the committee targets a minimum tax-to-gross domestic product (GDP) ratio of 18 per cent within the next three years.
He said the company planned to set up the office of Tax Ombudsman to provide information that could give insight into issues and resolutions.
“We are working on a national tax policy for Nigeria, we want to use the opportunity to update the national tax policy and also include policies for Nigeria about spending and borrowing and to tackle the cost of governance and quality of spending,” Oyedele said.
Director General, NGCC, Marilyn Rapu, explained that the business success series is organised to address the economic challenges businesses are facing, adding that Oyedele’s talk was meant to enlighten businesses on the latest tax incentives.
“It becomes crucial for both local and foreign investors seeking opportunities in Nigeria’s dynamic market to find out what incentives are available and also to fully understand the plans and government policies that promote the ease of doing business in Nigeria,” she said.
Chief Executive Officer, Kaiser Construction, and President of the Chamber, Igbuan Okaisabor, said the government needs to make sure that the private sector develops because reliance on government is not sustainable.
“The recommendations from the Committee are commendable and are expected to contribute immensely to tackling some of the current economic challenges plaguing the country. A lot of companies have suffered from multiple taxation so the committees’ recommendation to shrink the number of taxes will be a win-win – beneficial to both government (in terms of collection efficiency) and businesses.
