{"id":278388,"date":"2023-07-07T15:42:54","date_gmt":"2023-07-07T14:42:54","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=278388"},"modified":"2023-07-07T15:42:54","modified_gmt":"2023-07-07T14:42:54","slug":"tinubu-appoints-oyedele-chairman-tax-reform-committee","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/07\/07\/tinubu-appoints-oyedele-chairman-tax-reform-committee\/","title":{"rendered":"Tinubu appoints Oyedele chairman Tax Reform Committee"},"content":{"rendered":"<p>President Bola Tinubu has approved the establishment of a presidential committee on fiscal policy and tax reforms.<\/p>\n<p>The <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/07\/07\/tinubull-reveal-ministerial-nominees-when-ready-presidency\/\" target=\"_blank\" rel=\"noopener\">President<\/a> named Taiwo Oyedele, Fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC), as the chairman of the committee.<\/p>\n<p>Recall that President Tinubu signed four executive orders, including the suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.<\/p>\n<p>The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, announced the development in a statement on Friday.<\/p>\n<p>Alake said the committee will comprise experts from both the private and public sectors and be responsible for various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.<\/p>\n<p>He said the committee\u2019s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens\u2019 tax morale, foster a healthy tax culture, and drive voluntary compliance.<\/p>\n<p>Speaking on the committee\u2019s establishment, Special Adviser to the President on Revenue Zacchaeus Adedeji, said Tinubu recognises the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.<\/p>\n<p>\u201dNigeria ranks very low on the global ease of paying taxes while the country\u2019s Tax to GDP ratio is one of the lowest in the world and well below the African average.<\/p>\n<p>\u201dThis has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.<\/p>\n<p>\u201dWhile some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative.\u201d<\/p>\n<p>\u201dOur aim is to transform the tax system to support sustainable development and achieve a minimum of 18% Tax to GDP ratio within the next 3 years without stifling investment or economic growth,\u201d the special adviser said.<\/p>\n<p>\u201dIt should be noted that this committee will not only advise the government on necessary reforms, but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Bola Tinubu has approved the establishment of a presidential committee on fiscal policy and tax reforms. The President named Taiwo Oyedele, Fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC), as the chairman of the committee. Recall that President Tinubu signed four executive orders, including the suspension of the 5% excise tax on [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":276709,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[67852,67851,12856,28],"class_list":["post-278388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-chairman-tax-reform-committee","tag-oyedele","tag-tax","tag-tinubu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tinubu appoints Oyedele chairman Tax Reform Committee<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2023\/07\/07\/tinubu-appoints-oyedele-chairman-tax-reform-committee\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu appoints Oyedele chairman Tax Reform Committee\" \/>\n<meta property=\"og:description\" content=\"President Bola Tinubu has approved the establishment of a presidential committee on fiscal policy and tax reforms. The President named Taiwo Oyedele,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2023\/07\/07\/tinubu-appoints-oyedele-chairman-tax-reform-committee\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-07T14:42:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2023\/06\/Tinubu-1-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adejayan Gbenga Gsong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:site\" 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