Chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele, has disclosed that as part of its assignment that committee will look at and recommend to the federal government, suboptimal and obsolete taxes that need to be repealed.
He also said some taxes considered to be unduly burdensome will be revoked.
Oyedele made this known when he addressed the national economic council (NEC), chaired by Vice-President Kashim Shettima, on Thursday.
According to him, the committee will also be enacting new harmonized tax laws as well as provide a list of taxes and levies — that do not exceed a single digit — for all levels of government.
Listing other expectations from the committee, Oyedele said they would also produce a new national policy on tax and fiscal policy for ratification by the federal and state governments after reviewing the 2017 national tax policy.
He further said the committee will provide a national fiscal risk framework for efficient fiscal governance, fiscal consolidation, and stability and also draft bills for constitutional amendments on fiscal matters to promote fiscal federalism, as well as enhance the revenue administration system to improve revenue mobilisation.
Part of the committee’s outcomes, according to Oyedele, include ensuring a robust framework for tax revenue accounting and reporting to improve taxpayer trust and establishing of national office of tax ombudsman, fiscal policy, and tax simplification.
He said the team will also mobilise revenue through tax and non-tax, as well as review the quality of government spending.
In addition to reviewing and redesigning sustainable debt management as part of the fiscal system, Oyedele said “the committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive Economic growth.”