{"id":282717,"date":"2023-08-08T13:44:00","date_gmt":"2023-08-08T12:44:00","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=282717"},"modified":"2023-08-08T13:44:00","modified_gmt":"2023-08-08T12:44:00","slug":"tinubu-inaugurates-committee-on-tax-reforms","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/08\/08\/tinubu-inaugurates-committee-on-tax-reforms\/","title":{"rendered":"Tinubu inaugurates committee on tax reforms"},"content":{"rendered":"<ul>\n<li><strong>The committee aims to boost citizens&#8217; tax morale, promote a healthy tax culture, and encourage voluntary compliance<\/strong><\/li>\n<li><strong><strong>Special adviser emphasized the need for a strong fiscal policy and effective taxation system to improve the country&#8217;s economy and reduce reliance on borrowing<\/strong><\/strong><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p>President Bola Tinubu on Tuesday in Abuja inaugurated the presidential committee on fiscal policy and tax reforms.<\/p>\n<p>Recall that in July, the <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/08\/05\/nigerian-senators-reject-tinubus-electricity-cut-off-military-plan-in-niger-republic\/\">president<\/a> approved the establishment of the committee and appointed Taiwo Oyedele, a tax and fiscal policy expert, as its chairman.<\/p>\n<p>Dele Alake, special adviser to the president on special duties, communications and strategy, in a statement announcing the development, said the committee will comprise experts from both the private and public sectors.<\/p>\n<p>He said the panel would be responsible for various aspects of tax law reforms, fiscal policy design and coordination, harmonization of taxes, and revenue administration.<\/p>\n<p>He added that the committee\u2019s primary objective is to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilisation 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, Zacchaeus Adedeji, special adviser to the president on revenue, emphasized 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>He said the country ranks very low on the global ease of paying taxes while the country\u2019s tax to gross domestic product (GDP) ratio \u201cis one of the lowest in the world and well below the African average\u201d.<\/p>\n<p>\u201cThis 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,\u201d he had said.<\/p>\n<p>\u201cWhile some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The committee aims to boost citizens&#8217; tax morale, promote a healthy tax culture, and encourage voluntary compliance Special adviser emphasized the need for a strong fiscal policy and effective taxation system to improve the country&#8217;s economy and reduce reliance on borrowing President Bola Tinubu on Tuesday in Abuja inaugurated the presidential committee on fiscal policy [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":282719,"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":[457,45135,69048,28],"class_list":["post-282717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-abuja","tag-dele-alake","tag-fiscal-policy-and-tax-reforms","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\/ 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