Presidential fiscal committee to end obsolete taxes, says Taiwo Oyedele

Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, says they will be revoking some taxes considered to be unduly burdensome.

Oyedele told the national economic council (NEC), chaired by Vice-President Kashim Shettima, on Thursday, that his team will be looking into suboptimal and obsolete taxes that need to be repealed.

He said the committee will also be enacting new harmonised tax laws, as well as provide a list of taxes and levies — that do not exceed a single digit — for all levels of government.

Listing other expectations from the committee, Oyedele said they would also produce a new national policy on tax and fiscal policy for ratification by the federal and state governments after reviewing the 2017 national tax policy.

He said the committee will also be providing a national fiscal risk framework for efficient fiscal governance, fiscal consolidation, and stability.

The fiscal policy expert told NEC that the committee will draft bills for constitutional amendments on fiscal matters to promote fiscal federalism, as well as enhance the revenue administration system to improve revenue mobilisation.

According to Oyedele, part of the committee’s outcomes include ensuring a robust framework for tax revenue accounting and reporting to improve taxpayer trust and establishing of national office of tax ombudsman, fiscal policy, and tax simplification.

He said the team will also mobilise revenue through tax and non-tax, as well as review the quality of government spending.

“The committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive Economic growth,” Oyedele said.

He said they are also expected to review and redesign sustainable debt management as part of the fiscal system.