Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that the Emergency Economic Intervention Bill will be proceeding to the National Assembly for approval, News About Nigeria reports.
Oyedele disclosed this while speaking in an interview on Channels Television about some of the initiatives of the committee.
He noted that the bill remained a pivotal component of the tax reform strategy proposed by President Bola Tinubu and will be submitted to the Federal Executive Council for approval, after which it will proceed to the National Assembly.
He disclosed that the bill is expected to pass through the National Assembly and receive presidential assent by the end of the first quarter.
He further stated that the committee is meeting with state governors to reach an agreement for states and local government authorities across the country to suspend some low-revenue taxes.
Oyedele, who described the taxes as ‘nuisance taxes’, noted that they just created problems with little revenue to show for it; he added that they were not adding to the state’s coffers.
According to him, multiple taxations have created significant challenges for businesses, with several companies paying various taxes and levies by different levels of government.
He further lamented the fact that most of the taxes, especially those imposed on the transport of goods from the north to the south and vice versa, were negatively affecting the poor in the country and causing strain, maintaining that it was not worth the hassle.
The tax panel was inaugurated by President Bola Tinubu a few months after assuming office, with the intent of championing tax reforms and helping the nation raise the much-needed tax revenue to enhance economic growth and development.
