We’ll rewrite frustrating tax laws –Oyedele

•Calls for collaboration

By Henry Uche

Following the inauguration of Presidential Committee on Fiscal Policy and Tax Reforms by president Tinubu, its Chairman, Mr. Taiwo Oyedele has said  the committee wouldseek a  repeal of tax laws  frustrating operations .

At a dinner to celebrate his appointment, Oyedele assured that  his  team would not disappoint Nigerians. Instead, hepledged that  within and beyond the timeframe, Nigerians would see initiatives backed with actions to make them heave a sigh of relief regarding tax collection and utilization.

“We shall reduce people’s burden, set a framework for accountability, transparency and Judicious use of our taxes while we shall focus on Sustainable Development Goals, of: No hunger, access to clean water, employment, quality of life and others.

“Our mandate is in three milestones. The first is within the first 30 days, within this time, we aim to do the ‘Quick Wins” an action and decisions that does not require amending the Laws, we shall be looking at possibility of removing VAT from diesel to bring down the price, increase exemption on income tax and the likes so that people can breath a little”

The second milestone he said falls within the next six months, where the team would reform and introduce policies that would make global companies to hire Nigerians who are in Nigeria, so one does not have to be in US, or anywhere in the world before one could earn in foreign currency.

“So long as you have knowledge and infrastructural enablement, with what we got, Nigerians can work here and earn foreign currency.

“By implication, foreign exchange supply would increased, quality of life would improved and Income tax is increased. We want to rewrite the tax laws to be more simple, repeal frustrating tax and reduce the confusion.”

The third milestone he said falls within one year framework- for full implementation.

saying, “There is  room for extensive consultations to achieve our mandate. We shall carry everyone along.

“Everything runs concurrently. We shall be more of actions because we can’t afford to fail Nigerians. At the end, people shall look back and say, it worth the while. I’m very sure we will succeed. We’re looking for solutions, and we want to be part of that solution, we want Nigerians to support us” he urged.

Recall president Tinubu has has set before the committee a mandate to advance the course of viable and cost-effective solutions to multiplicity of revenue collection agencies, high cost of revenue administration, excessive burden of compliance on ordinary taxpayers, poor accountability in the utilisation of tax revenues and lack of effective coordination between fiscal and other economic policies within and across levels of government.

Nigerians expect a friendly tax reform, fiscal policy design and coordination, harmonisation of taxes and revenue administration, to improve Nigeria’s revenue profile while making the business environment more conducive and internationally competitive.

The mandate also included transform tax system to achieve a minimum of 18% Tax-to-GDP ratio within the next three years. They shall provide practical support to the government in the execution and delivery of the recommended changes.