The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele suggests the Value Added Tax on diesel should be suspended.
In an interview, Oyedele admitted that the suspension of VAT on diesel will cushion the harsh economic effects of the fuel subsidy removal, as directed by President Bola Tinubu.
He said the plan by the Committee was to develop a plan that would bring in more people into the tax net, allow Government earn more and repeal multiple taxes that make business difficult to execute.
Oyedele who stated that Nigeria’s revenue generated via tax is one of the lowest in the world, advised that the collection of revenue should be assigned primarily to the Federal Inland Revenue Service, while reducing the revenue generation burden on the Federal Government’s Ministries, Departments, and Agencies.
