By David Kabiyesi
Nigerian are already looking forward to the outcome of what could be a major turnaround in the business community and Tinubu’s fiscal regime after the tax reform committee was set up.
Headed by tax expert, Taiwo Oyedele, the committee is saddled with the responsibility of removing all barriers that stalled business growth over the years.
At this juncture, the country is battling with multiple taxation that has hindered business growth in the country even though Tinubu’s move to remove the tax hiccups has been welcomed by the business community.
Recall Tinubu had signed four executive orders which are the suspension of the five percent excise tax on telecommunication services as well as the excise duty escalation on locally manufactured products.
Determined to create an enabling business environment, Tinubu also put on hold the Finance Act 2023 deferring the date of its commencement from 28th May 2023 to 1st of September, 2023.
The Presidency revealed that such steps became necessary as some of the tax policies are being implemented retroactively with their commencement dates, and in some instances, pre-dating the official publication of the relevant legal instruments backing them.
The Oyedele-led committee will also shoulder the responsibility of aligning various aspects of tax law, fiscal policy design, coordination, harmonization of taxes, and revenue administration to improve the ease of doing business.
