Taiwo Oyedele, the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has stated that the proposed Tax Reform Bill will help alleviate poverty and empower ordinary Nigerians.
Speaking at the Spokespersons’ Summit organized by the Nigerian Institute of Public Relations in Abuja, Oyedele expressed confidence in the significant changes the bill would bring, particularly for low-income earners and small businesses.
One of the key features of the reform, according to Oyedele, is the exemption of low-income earners from paying personal income tax, as well as the removal of VAT on essential goods and services such as food, education, and healthcare.
He also highlighted the introduction of a zero percent corporate income tax rate for small businesses.
Despite some initial misconceptions and criticism, Oyedele emphasized that the bill would have profound benefits for the masses.
He acknowledged the public’s skepticism towards tax matters, noting, “Taxation is not always appealing to ordinary citizens, especially when it’s hard to see the direct benefits from the money paid to the government.”
Oyedele explained that the reform approach was based on understanding the root causes of the challenges and using data to engage with the people in order to create a solution tailored to Nigeria’s unique needs.
“The tax reform bill, which is now close to being signed by the President, was designed by Nigerians for Nigerians,” he added.
According to Oyedele, the government is confident that the positive impacts of the reforms will be evident in everyday life, with low-income earners benefiting from tax exemptions as soon as the reforms are implemented.