The Nigerian government is planning to revive the national tax amnesty program which offers a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods and remit the taxes due with certain provisions and benefits. This was disclosed during a two-day retreat of the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja.
During a recent retreat in Abuja, Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, discussed the aims of the committee.
The statement read, “The Chairman highlighted the deliverables from the committee which include: optimum taxes; harmonised revenue collection functions; a revised national tax policy; national fiscal framework; preparation of bills for constitutional amendment; revenue optimisation; production of a model template for sub-nationals and establishment of the national tax amnesty scheme.”
The amnesty had earlier started on July 1, 2017 and was to last for nine months until March 31, 2018.
This decision was shared in a statement released by the Ministry of Finance.
Government sets goals for tax reforms
The committee’s goals include establishing fair taxes, streamlining revenue collection, revising the national tax policy, creating a national fiscal framework, proposing bills for constitutional changes, optimizing revenue, developing a model for local governments, and reintroducing a national tax amnesty scheme.
This move is reminiscent of a previous tax amnesty initiative launched in 2017 by then-Vice President Prof. Yemi Osinbajo.
This scheme offered taxpayers a limited period to settle past tax issues with benefits. Now, it seems that the current administration under President Bola Tinubu is looking to restart this initiative.
The Minister of Finance, Mr. Wale Edun, expressed confidence in the Renewed Hope Agenda of President Tinubu, aiming to generate jobs, stabilize the economy, attract investors, and reduce poverty.
Despite challenges like the removal of fuel subsidies, the government plans to address issues and improve the economy’s growth.
The minister assured stakeholders of positive changes, including tackling hyperinflation and boosting the GDP per capita.