FG mulls review of N6trn annual tax waivers to increase revenue
The federal government would review its tax waivers, which totaled N6 trillion, according to Taiwo Oyedele, the Chairman of the Presidential Tax Reform Committee.
When Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, unveiled the eight-point agenda of the Bola Ahmed Tinubu-led government's rekindled hopes on Friday in Abuja, Oyedele revealed this.
According to him, the move aligns with the committee’s mandate to revamp Nigeria’s tax sector to boost economic growth.
He noted that the country has a N20 trillion tax gap, which can boost government revenue when closed with automated processes.
Oyedele stated that what is most important is to remove disincentives for businesses that encourage rapid economic development.
“Incentives in and of themselves are not wrong. But you will also agree that you must review what you have done for years as time changes.
“We think that what is more pressing and even more important than giving incentives is removing disincentives.
“The good thing about removing disincentives is that it doesn’t cost the government money. It stimulates the economy and helps us to create wealth and growth; this is inclusive.”
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