President Bola Tinubu today inaugurated the Presidential fiscal policy and tax reforms committee, headed by Taiwo Oyedele, with a mandate to achieve 18% tax-to-GDP ratio in the next 12 months.
The President had four weeks ago set up the committee chaired by former Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Taiwo Oyedele.
While inaugurating the committee, Tinubu, who lamented that Nigeria’s tax to the Gross Domestic Product ( GDP) ratio is the lowest and below Africa’s average, assured that his administration will “ tax the fruits and not the seed”. He listed the broad assignments of the Committee to include; harmonisation of taxes, improving revenue profile, transforming the tax system and achieving a minimum of 18% of the tax to GDP ratio.
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The committee has experts from both the private and public sectors as members.
Special Adviser to the President on Revenue, Adelabu Adedeji, had explained that the President recognised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
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