The Nigerian Government revealed that the Mohammad Nami-led Federal Inland Revenue Service will begin the collection of taxes usually operated by 62 other agencies including the Nigerian Customs Service.
Taiwo Oyedele, the head of the Presidential Committee on Tax Policy and Fiscal Reforms disclosed this in an interview with Channels TV on Wednesday.
He said this means the Customs Service can now focus on trade facilitation and border protection, and Nigerian Communications Commission on regulating telecommunications as they are not set up to collect revenue.
In the interview, Oyedele noted that Nigeria’s revenue from taxes is one of the lowest in the world adding,
He noted that this means FG agencies will focus on service delivery and less on raising revenue, adding:
He added that he expects pushback from stakeholders and others benefitting from the process, but the committees would stick to its sole objective and added the presidential committee would look into excess bank charges.
He also pointed out that Nigeria has a significant tax gap estimated in the region of N20 trillion urging that we need to focus more on the few major taxes – Value Added Tax, Corporate Income Tax, Personal Income Tax, adding:
Last Month, President Bola Tinubu approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms.
The committee, chaired by Taiwo Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), will consist of experts from the private and public sectors. Its mandate encompasses tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
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