FEC moves to amend company income tax

The Federal Executive Committee, FEC, has approved the economic stabilisation bill which seeks to amend the nation’s tax policies.

Speaking on Monday while briefing state house correspondents after the council’s meeting, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the council passed the economic stabilisation bill which is largely based on the recommendations of the fiscal policy and tax reform committee.

The tax reform committee recommendations include a reduction in the company’s income tax rate by about 5% over the next two years.

Mr Taiwo Oyedele, Chairman of the Fiscal Policy and Tax Reform Committee, is also seeking to reduce the number of taxes in the country to a single-digit tax system through proposed reforms.

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According to Mr Oyedele, the taxes would be shrunk to seven, namely; income tax; value-added tax, VAT; property tax; customs duties; excise duty; stamp duties; and special levy.