April 12, 2024
New Tax Laws Will Protect Poor People, Small Businesses
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New Tax Laws Will Protect Poor People, Small Businesses

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms Taiwo Oyedele says, the new tax law will be expected to protect the vulnerable poor and small businesses in the country, 

In a televised interview, Oyedele revealed that his committee was working on an assignment that will help the Federal Government increase its revenue through taxes without overburdening more than 144 million Nigerians living in poverty.

The chairman of the committee admitted that what was prevalent in the country was an unhealthy tax burden that was overbearing on the already stressed Nigerian poor populace and struggling small businesses that, by his account, needed support to survive.

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In trying to address the gap in tax collection as per the revenue needed, Oyedele referenced levies and taxes collected by Local Governments in the country. He advised that instead of collecting 21 levies and taxes, they could instead collect one tax, which in this case is a property tax.

He added that the collection of property tax could earn them 10 times the amount they collect currently.

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