Nigeria to review National Tax Policy

The Nigerian government has rolled out plans to review the country’s National Tax Policy.

Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele made this known in a statement on Tuesday.

“As part of our ongoing fiscal & tax reforms, and based on inputs from our consultations an public engagements, we are revising our National Tax Policy,” Oyedele said.

READ ALSO: FG working to shrink number of taxes, Oyedele reveals

“We have also drafted new tax laws and submitted proposals for amendments to the Constitution to address various fiscal issues.”

In this regard, Oyedele said that the Fiscal Policy and Tax Reforms Committee is organising a Policy Exposure and Impact Assessment Session to provide an update and discuss the key proposed changes.

Oyedele had earlier this year revealed that the committee is working to ensure that a single-digit number of taxes is achieved across all levels of government.

He stated this in Lagos at the Nigerian German Chamber of Commerce Business Success Morning Seminar that took place in March.

The event was held in collaboration with the Delegation of German Industry and Commerce in Nigeria known as (AHK) with the theme ‘Tax and Fiscal Incentives for Nigerian Businesses Foreign Investment.’

Oyedele disclosed that the committee targets a minimum tax-to-Gross Domestic Product (GDP) ratio of 18 per cent within the next three years.

READ ALSO: Nigeria can earn N10tr yearly from public assets, says Oyedele

According to him, the committee had plans to rewrite all the major tax laws so that instead of amending the laws, a new law would be enacted.

“There are also plans to set up the office of Tax Ombudsman to provide information that can produce insight to issues and resolutions,” Oyedele said.

“We are working on a national tax policy for Nigeria. We want to use the opportunity to update the national tax policy.

READ ALSO: Government to streamline taxes for economic growth

“We will also include policies for Nigeria about spending and borrowing and to tackle the cost of governance and quality of spending.”