FG mulls review of N6trn annual tax waivers to increase revenue

FG mulls review of N6trn annual tax waivers to increase revenue

 Taiwo Oyedele, the Presidential Tax Reform Committee
Chairman, says the federal government would review its tax waivers, which stood
at N6 trillion.

 

Oyedele disclosed this on Friday in Abuja when the Minister
of Finance and Coordinating Minister for the Economy, Wale Edun, unveiled the
eight-point agenda of the Bola Ahmed Tinubu-led government’s renewed hopes.

 

According to him, the move aligns with the committee’s
mandate to revamp Nigeria’s tax sector to boost economic growth.

 

He noted that the country has a N20tn tax gap, which can
boost government revenue when closed with automated processes.

 

Oyedele stated that what is most important is to remove
disincentives to businesses which encourage rapid economic development.

 

“Incentives in and of themselves are not wrong. But you will
also agree that you must review what you have done for years as time changes.

 

“We think that what is more pressing and even more important
than giving incentives is removing disincentives.

 

“The good thing about removing disincentives is that it
doesn’t cost the government money. It stimulates the economy and helps us to
create wealth and growth; this is inclusive.”

Source: FG mulls review of N6trn annual tax waivers to increase revenue

 - NigerianEye

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