Presidential panel aims to slash taxes and levies by 83%

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Presidential panel aims to slash taxes and levies by 83%
Presidential panel aims to slash taxes and levies by 83%

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has highlighted the complexity of Nigeria’s tax system, revealing that there are over 60 different taxes and levies in the country.

Oyedele, speaking as a guest on the Channels Television program ‘Sunrise Daily,’ emphasized that many of these taxes disproportionately burden the poor in society.

Oyedele’s committee is actively working to streamline and reduce the number of taxes and levies to less than 10, representing an 83.33% reduction.

The goal is to simplify the tax system, making it more efficient for both taxpayers and the government.

Excessive local taxes without constitutional support raise concerns

He pointed out that some of these taxes, particularly at the local government level, are excessively burdensome and lack constitutional backing.

For instance, market traders are often required to obtain seven different permits daily, which can include fees like the wheelbarrow tax and pure water tax.

Unfortunately, the revenue generated from such levies is not consistently remitted to government coffers.

Oyedele acknowledged that a lack of trust in the government contributes to tax evasion in Nigeria.

To address this issue, he emphasized the need for increased government accountability and transparency to instill confidence among taxpayers.