Tinubu

The Presidential Committee on Fiscal Policy and Tax Reforms says it is meeting with state governors in order to reach an agreement for states to suspend some low-revenue taxes. The panel said the move would lead to the suspension of ‘nuisance taxes’ by states and local government authorities across the country. The Chairman of the committee, Taiwo Oyedele, 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 to raise the much-needed tax revenue to enhance economic growth and development. Oyedele, during the interview, said the low-revenue taxes, which he described as “nuisance taxes” were not adding value to the state’s coffers. Nuisance tax is a fee imposed as a percentage of the selling price of goods or services. The tax panel chairman lamented that most of the taxes especially those imposed on the transport of goods from the North to the South and vice versa were negatively affecting the poor. He said, “We are asking states to suspend nuisance taxes that just create problems.”

Punch