- Taiwo Oyedele warned that Trump’s External Revenue Service could disrupt global trade and complicate the existing international tax system
- The new U.S. tax policy aims to tax foreign nations instead of U.S. citizens, potentially impacting global economic dynamics
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has raised concerns over the potential global trade disruptions caused by the new tax policy announced by former U.S. President Donald Trump.
Oyedele shared his views on X, formerly Twitter, following Trump’s inauguration and his pronouncement on establishing an External Revenue Service.
According to Trump, the policy aims to prioritize American citizens by taxing foreign nations instead of imposing heavy taxes on U.S. residents.
He stated, “The US is establishing the External Revenue Service to collect all tariffs, duties, and revenue, which will result in a massive inflow of money into our treasury.”
Oyedele, however, warned that this approach could complicate the already intricate global tax system and disrupt international trade.
He emphasized that such policies could have far-reaching consequences for global commerce and economic stability.
Highlighting the importance of Nigeria’s ongoing tax reforms, Oyedele noted that revamping the country’s tax system is critical for navigating potential challenges Trump’s policy poses.
He added that these reforms could also position Nigeria to capitalize on any opportunities arising from the global shift in tax strategies.
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