The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says the Tax Reform Bill will curb poverty and empower ordinary Nigerians.
Mr Oyedele said this at the Spokespersons’ Summit, organised by the Nigerian Institute of Public Relations in Abuja.
He expressed strong optimism about the sweeping changes the bill would bring, especially for the country’s low-income earners and small businesses.
Mr Oyedele said key highlights of the reform included the exemption of low-income earners from paying the personal income tax and the removal of VAT from essentials such as food, education, and healthcare.
Mr Oyedele added that it included a zero per cent corporate income tax rate for small businesses, adding that the bill had great benefits, especially for the masses, although it was welcomed with misconceptions and attacks.
He said, “This is because the issues of tax and taxation are not the most attractive to the ordinary persons because it is hard to part with your money. It is even harder when you part with your money and you cannot tell what exactly government is using it for that benefits you.”
Mr Oyedele said the approach for the reform was to try to understand the issues and where the problems were coming from.
He added, “Then we will use data to engage with the people and design a solution for Nigeria that is made by Nigerians for the Nigerian people. That is exactly what we have done with the tax reform bill which is now nearing passage for the President to sign.”
According to Mr Oyedele, the government is positive that as soon as implementation begins, Nigerians will see the real positive impact on their day-to-day living, including low-income earners being exempted from taxes.
(NAN)
