Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms, has revealed that President Bola Tinubu’s administration plans to reduce taxes from the current 62 to a maximum of nine, as it continues to put effort into ensuring a more business-friendly environment to attract investors.
Making this disclosure while speaking in Abuja at the 2023 annual conference of Institute of Chartered Accountants of Nigeria, ICAN on Tuesday, he explained that the move became necessary to reduce the complexity and the ineffectiveness of the current tax regime.
He gave a detailed explanation of why the action was imperative, pointing out that the current tax landscape had rendered tax administration difficult and inefficient.
He went on to say that administrative involvement and constitutional amendment would be necessary in order to accomplish the tax reduction aim.
His comment comes as Nigerians continue to struggle with high taxes in the aftermath of the recent removal of fuel subsidy.
Kelechukwu Ogu, who spoke to News About Nigeria regarding the current tax administration, explained that there were some taxes that need to be struck out of the country’s taxing system.
According to Mr Ogu, while some taxes had become irrelevant, others were ridiculous and should not pass for taxes.
The business expert suggested that Tinubu’s government collapses some taxes to enable effective administration and monitoring of tax regimes in the country.
“The Chairman said right because we really need to collapse a series of these irrelevant and outrageous taxes. First, you need to ask why we need over 60 different ineffective taxes,” he said.
