Chairman of Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele | File Image
Oyedele: We are beginning to lose our tax base to other countries
By Valentine Amanze
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has lamented that the federal government has nothing to show for more than 60 taxes and levies collected across the country.
Oyedele made the claim at the Senate’s plenary on Wednesday November 27, 2024.
His words: “The fiscal system we have today inhibits growth as more than 60 taxes and levies are collected from across the country but nothing to show for it”.
He further disclosed that the federal government intends to halt the situation where Nigerian businesses are forced to pay tax even in the face of losses, compelling the need to scrutinise the system through key reforms.
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“We do not want to tax capital or poverty but investment. We are beginning to lose our tax base to other countries. This is why it is urgent to reform the tax system,” he added.
At the end of the explanations, the lawmakers declined to ask questions, resolving to invite the team on the next legislative date to clarify aspects of the proposed reforms before a final resolution is taken.
Oyedele’s allegation followed the Senate’s Wednesday protest over the entry of the Federal Inland Revenue Service (FIRS) Chair, Zacch Adedeji, and consultants to the Upper Chamber.
The lawmakers suspended its rules to admit Adedeji and the consultants to explain what the Tax Reform Bill entailed.
However, before they were admitted, a slight uproar ensued as some lawmakers kicked against the FIRS Chair’s entry to the chamber.
Oyedele is leading the charge for the controversial proposed Fiscal Policy and Tax Reform Bill.
President Bola Tinubu had in October sent the tax reform bill, which he said is align with ongoing financial reforms of the Federal Government and enhance efficiency in tax compliance, to the National Assembly.
Recall that the National Economic Council (NEC) also expressed reservations over the Tax Reform Bill forwarded by President Bola Tinubu to the National Assembly.
NEC unanimously called for the withdrawal of the bill.
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