BY NGOZI ONYEAKUSI

Tax

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has given reasons  for retaining the current Value Added Tax structure as it.

Oyedele noted the current VAT will be retained given the controversies it had stirred.

Oyedele gave the explanation while speaking Sunday on a live television programme on Arise TV to discuss the tax reforms proposed by President Bola Tinubu.

In October 2024, Tinubu introduced four Tax Reform Bills to the National Assembly to overhaul Nigeria’s tax system. The Bills – the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill – were to consolidate existing tax laws, streamline tax administration, and enhance revenue generation. The proposed legislation has faced stiff resistance from various players in the country, as people argue that it would favour one section of Nigeria at the expense of others. Proposed reforms to the Value Added Tax were one of the main grief points.