The president of the Presidential Committee on Fiscal Policy and Fiscal Reforms, Taiwo Oyedele, has requested lower tax rates, addressing the regulatory excess and refining the rates systems to stimulate investment and economic growth.
Oydele advocated this Wednesday during a public conference that marks a part of the activities to celebrate its 50th birthday in Abuja.
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He underlined the need for an orderly fiscal system to avoid chaotic taxes that disproportionately affect the poor, reiterating that tax reform measures include complete exemption of income taxes for more than 1/3 of workers, higher exemption thresholds for small businesses and zero essential consumption of zero qualification.
Oydele emphasized the importance of credible data, inclusive policies, investment in people and the need to refine the tariff system to reduce rates of raw materials and intermediate products to reduce entry costs.
He said: “We have incentives of the priority sector, promoting exports and providing fiscal deduction to avoid the public transition of Nigerian companies that operate internationally. Others are changes in income class laws to attract remote work opportunities, allowing young Nigerians to prosper in the digital economy.
“The Government must focus on doing only what the private sector will not do and collect the least amount of tasks in doing so without compromising the minimum quality standard required. The Government must be intentional with respect to the priority of non -inflationary spending and the quality of spending.
“After all, that is the essence of socio -economic contracts. People should first seek to understand why ignorance aggravates vulnerability and steals opportunities; we must think independently, ask questions, participate and, most importantly, criticize constructively with the sole objective of building not destroying our nation.”
He highlighted the need to make policies for a strong and stable Naira, such as allowing companies to pay taxes in Naira despite having a comparative trade balance, regretting that the fiscal system in Nigeria suffers from archaic laws, complex administrative structure, low fiscal moral and generalized evasion.
In addition, he explained the importance of prioritizing the inclusion and national interest on self -sectional interest in policy formulation and advocated the use of credible data for policy decisions, instead of depending solely on popular opinions or feelings.