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Federal Government Declares An End To Tax Evasion In Nigeria
Federal Government Declares An End To Tax Evasion In Nigeria
The federal government has asserted that the era of evading taxes with impunity is now a thing of the past. Speaking at the closing session of the Presidential Fiscal Policy and Tax Reforms Committee in Abuja on Sunday, Chairman Taiwo Oyedele emphasized the need for reforms targeting the top 5 percent of earners, the middle class, and the elite.....KINDLY READ THE FULL STORY HERE▶
Oyedele outlined the committee’s efforts to draft legislation aimed at overhauling the country’s fiscal policy and tax system. He emphasized the importance of ensuring continuous reviews by all levels of government to prevent the efforts from being rendered ineffective after a short period.
Calling for full cooperation from stakeholders, Oyedele stressed the importance of compliance with the new fiscal and tax policies for the benefit of all citizens. He urged leaders, whether elected or appointed, to set an example by paying their taxes promptly and accurately.
Furthermore, the Federal Government is developing a system to provide tax relief to 95% of the informal sector, exempting businesses earning less than N25 million annually from various taxes hindering their growth.
“We believe that the informal sector, comprising individuals striving to earn a legitimate living, should be supported to grow to a level where they can contribute taxes,” Oyedele stated.
He also addressed complaints about existing taxes, noting that the committee had reviewed those outlined in the constitution and called for revisions.
The committee’s report will undergo the standard legislative process to receive full legal endorsement.
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