Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed the biggest issue the tax reforms have faced so far.
He noted that the tax reform has consistently faced the
problem of misinformation.
The four executive bills signed by President Bola Ahmed
Tinubu on tax reform will take effect by 1 January 2026 and there have been
divergent opinions about the new policy.
Speaking on Channels Television, Oyedele readted to the call
by some people for a suspension of implementation to avoid a bit of chaos in
January.
“So I think you know, I’ll also tell you that even before
this alleged alteration issue came up, there are people who have been calling
for suspension,” he said.
“There are people who have been saying no to the reform. We
cannot do it for whatever reasons. The biggest issue we’ve had to deal with,
and that we’re still dealing with, has been misinformation.
“Now, if you speak to the legal provisions and who has the
powers, even if we want to postpone the implementation of the law, it has to be
the lawmakers. That’s far beyond my pay grade. So that decision has to be made,
and I believe that decision for them will be a function of what their findings
from this investigation review.”
He said that some people are recruiting unsuspecting
Nigerians to fight the reform that is meant to benefit the generality of the
people and creating fears.
“What is the cost of suspending it or not going ahead with
the reform? It will mean simply that we continue with the status quo, which is
that 98% of workers remain over taxed.
“Small Businesses miss out on exemptions so they continue to
pay multiple taxes and high tax burden, large firms continue with their
multiple nuisance taxes while minimum taxes continue to apply on low income
earners and small businesses and unprofitable businesses, hidden VAT continue
to make the prices of basic consumption like food, health care and education to
go up, and then the wasteful, distortionary incentive that we have that is
distorting the economy will continue.
“So we need to be clear about what we are asking for.”
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