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Presidential panel plans 83% cut in taxes, levies

 

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, has said Nigeria has over 60 different forms of taxes and levies.

Many of the taxes, he added, made life unbearable for the poor in society.

Oyedele spoke, while featuring as a guest on the Channels Television programme ‘Sunrise Daily’, monitored by our correspondent on Monday.

 

He said his committee was working to reduce taxes and levies to less than 10, which would be a decrease of 83.33 per cent.

 

According to him, “Up together today, we have over 60 of those different taxes and levies. We think we should have less than 10 single digits. We think by having less than 10 that the magic is that people will actually pay less, and government will collect more because where you get the efficiency from is the collection that sometimes does not go to the government today.

He noted that most of these taxes were coming from the local governments, while the money they got most of the time was not remitted to government coffers.

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