Chairman of presidential committee on fiscal policy, Taiwo Oyedele has revealed that the committee has proposed to federal government, removal of taxes on food, public transportation, house rents, and other necessities critical to the well-being of Nigerians.
Gatekeepers News reports that Oyedele made the revelation during an interview with Channels TV in Abuja on Monday.
He noted that the proposal also includes an exemption of value-added tax (VAT) on these necessities. According to Oyedele; the proposal will soon be signed by President Bola Ahmed Tinubu and sent to National Assembly to be added to tax laws in the country.
He said, “What we have taken into account is what are those basic necessities of life—food, accommodations, transportation, education and health. We’ve deliberately identified those items. And we’ve removed almost all the taxes applicable to them, including no VAT. “
Chairman of presidential committee on fiscal policy, Taiwo Oyedele has revealed that the committee has proposed to federal government, removal of taxes on food, public transportation, house rents, and other necessities critical to the well-being of Nigerians.
Oyedele who is the countries Tax officer in an interview with Channels TV in Abuja.
He noted that the proposal also includes an exemption of value-added tax (VAT) on these necessities.
According to Oyedele; the proposal will soon be signed by President Bola Ahmed Tinubu and sent to National Assembly to be added to tax laws in the country.
He said, “What we have taken into account is what are those basic necessities of life—food, accommodations, transportation, education and health. We’ve deliberately identified those items. And we’ve removed almost all the taxes applicable to them, including no VAT. “
“We think that from the fiscal policy and tax perspective, we can make it more affordable for the Nigerian people to be able to afford those basic necessities. Share-passenger transportation is completely tax-free.”
“However, if you hire a taxi, we assume that you’re not the poorest Nigerian so you have to pay the tax. Whereas if you get into a bus, that will be completely tax-free. That’s what we’ve done so far.”
the committee chairman also notes that the committee has recommended tax incentives aimed at boosting employment, particularly within private sector.
“ these measures include offering tax exemptions to companies that significantly increase their workforce.
“We’ve also developed some proposals where the government can give relief to private sector employers who provide transportation relief to their workers.”
“Also, we have had proposals around more employment. So if an employer employs more people than they will normally do, they get some relief. That helps to stimulate employment generation.”
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