Presidential Panel on Tax Reform Says It Is Working On an Emergency Economic Intervention Bill

Presidential Panel on Tax Reform and Fiscal Policy says it is working on an emergency Economic Intervention Bill.

Part of the provisions of the proposed bill aims at reforming the tax system and would be submitted to the Federal Executive Council for approval.

The panel’s chairman, Taiwo Oyedele, who made this known in an interview said, the bill after its approval by the council, would be forwarded to the National Assembly for approval.

Oyedele said he expects the bill to be assented to by President Tinubu this quarter, after its expected approval by the National Assembly.

Ahead of this, he said the panel was meeting with state governments to reach an agreement for the suspension of nuisance taxes by the state and local governments.

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According to him, the targeted taxes are small and do not end up in the coffers of both the state and local governments.

He cited one of such taxes as the one being imposed on the transportation of goods between the North and Southern parts of the country.

The panel said the move would lead to the suspension of ‘nuisance taxes’ by states and local government authorities across the country.

Taiwo Oyedele, the Chairman of the committee, stated this during an interview on Channels Television on some of the initiatives of the committee.

The tax panel was inaugurated by President Bola Tinubu a few months after assuming office.

Among other things, the panel is expected to champion tax reforms and help the nation raise the much-needed tax revenue to enhance economic growth and development.