President Bola Ahmed Tinubu has inaugurated the Presidential Committee on fiscal policy and tax reform at the Presidential Villa, on Tuesday, August 8, 2023.
The president emphasized his commitment to fostering prosperity and economic growth as he addressed members of the committee during the inauguration.
In his remarks, Tinubu underscored the need to advance the economic well-being of Nigerians through comprehensive fiscal policies and tax reforms.
The Presidential Committee on fiscal policy and Tax Reforms was set up by President Tinubu early in July and chaired by Mr Taiwo Oyedele- the former fiscal partner and Africa tax leader at PwC.
The move to establish a special committee on tax reforms aligns with the President’s agenda to remove all obstacles impeding business growth in the country.
The Presidential tax committee is made up of experts from both the private and public sectors and will be saddled with the responsibility of overseeing tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
Over time, the Nigerian business community has complained about multiple taxation and other practices inimical to business growth in the country.
The Nigeria Employers’ Consultative Association (NECA) in a report by Nairametrics expressed worry over the numerous taxes being paid by businesses in the country.
According to the D.G. of the group, businesses in the country are saddled with over 50 different taxes and levies both legal and illegal.
He complained about specific taxes such as stamp duties; petroleum profit tax; capital gains tax, value-added tax; personal income tax; withholding tax; tertiary education tax, etc.