FEDERAL GOVERNMENT SET TO RE-INTRODUCE NATIONAL TAX AMNESTY SCHEME

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The Federal Government has announced its intention to reintroduce the national tax amnesty scheme. This was revealed in a statement signed by Stephen Kilebi, the Director of Press and Public Relations of the Ministry of Finance. This decision comes after discussions during a two-day retreat of the Presidential Committee on Fiscal Policy and Tax Reforms held in Abuja.

The Committee’s Chairman, Mr. Taiwo Oyedele, highlighted several expected outcomes, including the implementation of a revised national tax policy and the establishment of the national tax amnesty scheme.

The tax amnesty scheme, which offers taxpayers the opportunity to regularize their tax status from previous periods and settle taxes due with certain benefits, was previously implemented through Executive Order No. 004 by former Vice President Prof. Yemi Osinbajo in 2017. The scheme started on July 1, 2017, and lasted for nine months.

The current administration, under President Bola Tinubu, seems to be revisiting this scheme. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed optimism about the future; stating that the implementation of the Renewed Hope Agenda aims to create jobs, reduce poverty, stabilize the economy, attract investors, and address issues like inflation.

Edun acknowledged that while the removal of fuel subsidies had an impact on the economy, interventions were put in place to mitigate the effects and correct any leakages. He assured stakeholders that the President’s Renewed Hope Agenda would lead to positive changes; including addressing hyperinflation and enhancing GDP per capita growth.

The Minister emphasized the urgency of the Committee’s task, reminding them of the President’s 30-day deadline to produce tangible results. He acknowledged that the economy’s growth rate was not as robust as anticipated and highlighted the administration’s dedication to achieving better economic outcomes.

 

 

 

 

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