The Presidential Committee on Fiscal Policy and Tax Reforms has been officially launched by President Bola Tinubu.
The inauguration was held on Tuesday at the Council Chamber of the Presidential Villa in Abuja, according to Anaedoonline.ng.
President Tinubu stated in his speech that the federal government cannot continue to tax poverty while promoting prosperity.
Remember that on July 7, the President approved the formation of the Committee, which is now led by Taiwo Oyedele, a former Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC).
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The committee’s formation, according to a statement from the presidency, is in line with his pledge to remove any obstacles to the country’s economic development.
The group, which will be made up of specialists from the public and commercial sectors, would be in charge of overseeing various aspects of tax law reform, fiscal policy coordination and design, tax harmonisation, and revenue administration.
The panel, according to the statement, will be in charge of several facets of tax law revisions, fiscal policy planning and coordination, tax harmonisation, and revenue management.
According to the statement, the committee’s main goals are to increase the effectiveness of revenue collection, provide transparent reporting, and encourage the effective use of tax and other revenues in order to raise tax compliance among residents, develop a positive tax culture, and encourage voluntary compliance.
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Zacchaeus Adedeji, Special Adviser to the President on Revenue, spoke during the formation of the committee and stressed the significance of a solid fiscal policy environment and an efficient taxation system for the operation of the government and the economy.
According to him, Nigeria is one of the least tax-friendly countries in the world, and its tax to gross domestic product (GDP) ratio is significantly lower than the African average.
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