President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, made this known in a statement on Friday in Abuja.
According to the statement, the establishment of the ย committee is in consonance with his promise to remove all barriers impeding business growth in the country.
The statement noted that the committee will be chaired by Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), Taiwo Oyedele.
It will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonization of taxes, and revenue administration.
The statement disclosed that Oyedele holds the position of Associate Professor at the Babcock University Business School.
He is an alumnus of the London School of Economics & Political Science, Yale University and Harvard Kennedy School Executive Education. He is a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.
The establishment of the presidential committee comes 24 hours after President Tinubu signed four Executive Orders to curb multiple taxations as complained by a cross-section of Nigerians and the business community.
The four Orders include the suspension of the five percent Excise Tax on telecommunication services as well as the Excise Duty escalation on locally manufactured products.
The President also suspended the 2023 Finance Act 2023 deferring the date of its commencement from 28th May, 2023 to 1st of September, 2023.
Some of the suspended taxes were issued through Executive Orders by former President Muhammadu Buhari at the twilight of his administration.
They include Corporate Income tax, Import duties, Export duties, Excise duties, Rents, Capital Gains tax, Personal Income tax, Value Added tax, Stamp duties, Property tax, Licenses, Motor Parking fee, Motor Vehicle fee, Withholding tax, Land tax, Market License fee, Road tax, Business Premises, dividend tax, NHIS levy, Advert fee, Regulation fees, the new NYSC levy.
