FG May Suspend VAT on Diesel as Tinubu Unveils 38-Man Committee For Tax Reform, List Emerges
- The Committee on Tax Fiscal Policy and Ta Reform newly inaugurated by President Tinubu parades high people of calibre
- The Committee said they would recommend the suspension of VAT from diesel to cushion the effect of subsidy removal
- The Committee Chairman, Taiwo Oyedele, revealed that they would look into excess bank charges
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President Bola Tinubu unveiled a fiscal policy and tax reform committee comprising private and public experts.
The Committee is chaired by Taiwo Oyedele, a tax and policy expert, and is expected to deliver tax reforms achievable in 30 days.
Source: UGC
Committee to advice government on suspension VAT on diesel
Oyedele said the committee members were cautiously constituted to ensure diversity of in-depth knowledge, robust expertise, and broad representation by critical stakeholder groups across the geopolitical zones.
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He stated that Value Added Tax (VAT) on diesel should be suspended to alleviate the economic impact of the subsidy removal.
According to Vanguard, Oyedele revealed this during a television interview on Wednesday, August 8, 2023.
He said:
"What the President wants us to do is that within the first 30 days, there are those low-hanging fruits that people have generally agreed that this is a problem, but nobody has done anything about.
"Personally, this is not promising that it would be done. Let's suspend VAT on diesel because we removed fuel subsidies on petrol, and prices are increasing.
"We are going to table it before the Committee. We want to do these in the first 30 days."
The former Fiscal Policy Partner and Africa Tax Leader at PwC said that in the next six months, the Committee will actualize critical tax reforms, and roll out regulations, among other things.
Per Oyedele, the newly inaugurated Committee has one month to implement its policies but revealed that the 30 days, six months, and one-year periods run concurrently.
Committee to review excess bank charges
He also revealed that the Federal Inland Revenue Service is the best agency to collect revenue for ministries, departments, and agencies.
The tax expert said the Committee would look into excess bank charges, stating that businesses pay as high as 65-70 levies and taxes but that the Committee might prune them down to nine or 10.
Also included in the Committee is Orire Agbaje, a 400-level Economics student at the University of Ibadan (UI).
Here is the complete list of the committee members.
- Taiwo Oyedele, Chairman
- Representatives of Tax Practice, Law and Accounting Firms
- Members of the Tax Advisory Committee
- National Tax Policy Implementation Committee
- Renowned Fiscal Policy and Tax Experts
- Representative of the Chartered Institute of Taxation of Nigeria (CITN)
- Representative of the Institute of Chartered Accountants of Nigeria (ICAN)
- Representative of the Association of National Accountants of Nigeria (ANAN)
- Representative of the Nigerian Bar Association (NBA)
- Nigerian Economic Summit Group (NESG)
- Organised Private Sector of Nigeria (OPSN)
- Nigerian Association of Small and Medium Enterprises (NASME)
- Women in Business (WIMBIZ)
- Representative of the Federal Ministry of Justice
- Representative of the Federal Ministry of Finance
- Representative of Federal Ministry of Trade, Industry & Investment
- Representative of the Ministry of Telecommunications & Digital Economy
- Nigerian Investment Promotion Commission (NIPC)
- Tariff Technical Committee
- Nigerian Ports Authority (NPA)
- Nigerian Maritime Administration and Safety Agency (NIMASA)
- Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
- The Federal Inland Revenue Service (FIRS)
- The Joint Tax Board (JTB)
- Nigeria Customs Service
- Representative of the Association of Local Government of Nigeria (ALGON)
- National Institute for Legislative and Democratic Studies (NILDS)
- National Institute for Policy and Strategic Studies (NIPSS)
- Revenue Mobilisation Allocation and Fiscal Committee (RMAFC)
- The Budget Office of the Federation
- Accountant General of the Federation
- National Bureau of Statistics
- DG, Nigeria Governors' Forum
- Debt Management Office
- Chairman, Finance Commissioners' Forum
- Central Bank of Nigeria
- Students Tax Clubs
- Partners & Observers – World Bank, IMF, United Nations, BudgIT, Tax Justice & Governance Platform
President Tinubu inaugurates new committee, details emerge
Legit.ng reported that the presidential committee on fiscal policy and tax reforms has been inaugurated.
President Bola Ahmed Tinubu inaugurated the committee and hinted at what was expected of them.
The inauguration ceremony was held at the State House in Abuja on Tuesday, August 8, The Cable reported.
Source: Legit.ng
