Presidential Committee Aims To Ensure Fair Taxation And Beneficial Use For Nigerians

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The Presidential Committee on Fiscal Policy and Tax Reform (PCFPTR) has taken on the responsibility of ensuring that tax payments in Nigeria are equitable and contribute to the betterment of the citizens. Mr. Taiwo Oyedele, the committee’s Chairman, emphasized that their focus is on both effective tax collection and judicious utilization of the revenue.

During a press briefing in Abuja, Mr. Oyedele explained that the committee’s mission extends to crafting tax policies that do not burden the most vulnerable Nigerians and do not impede their progress. He stressed that the committee’s ultimate objective is to convert government revenue into essential services and infrastructural development that benefit the populace.

Highlighting the committee’s approach, Mr. Oyedele stated that it is their intention to not tax indiscriminately, but rather to identify those who can afford to contribute. This approach safeguards our vulnerable citizens and paves the way for balanced infrastructure growth. Countries that have achieved development have done so through sound tax systems.

To achieve its goals, the committee plans to employ accurate data to devise seamless and advantageous tax policies. This, in turn, will encourage higher compliance and lead to more effective allocation of funds for public services.

Mr. Oyedele also mentioned that the Federal Inland Revenue Service (FIRS) will be instrumental in harmonizing and streamlining tax collection across various ministries, departments, and agencies. By doing so, these entities can focus on their core functions while ensuring consistent revenue generation.

The collaborative nature of this initiative involves all levels of government, which will work together to establish a unified national tax policy. This coordinated approach will facilitate smoother tax administration and enhance the overall tax landscape.

Mr. Shubham Chaudhuri, the World Bank Country Representative, affirmed the institution’s role in assisting Nigeria with revenue generation and appropriate expenditure. He emphasized that these efforts are aligned with the IMF’s goal of aiding member countries in achieving sustainable growth without compromising development or increasing poverty.

The establishment of clear operating procedures within the committee is expected to boost revenue generation and attract foreign investment, contributing to Nigeria’s economic advancement.

Mr. Segun Ajayi-Kadir, representing the Manufacturers Association of Nigeria (MAN) within the committee, praised the committee’s formation as a significant step toward national progress. He noted that businesses should contribute fairly to taxation, expressing confidence that transparent tax deployment would foster a conducive business environment and encourage international partnerships.

Ajayi-Kadir’s stance underscores the principle that only the “fruit and not the seed” of businesses should be subject to taxation under the new policy framework. The collaborative efforts of the committee, backed by private sector involvement, are anticipated to build trust among citizens, ensuring their contributions are utilized efficiently for the country’s growth and prosperity.

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