Suspension of market levies, produce sale tax... highlights of Oyedele committee's proposals

Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, has given an overview of the economic stabilisation bills (ESBs).

The federal executive council FEC approved the tax proposals 11 months after the committeeHighlighting some of the recommendations in the bills on Tuesday, Oyedele said the ESBs seek to amend about 15 different tax, fiscal, and establishment laws.

“The Economic Stabilisation Bills which have been approved by the Federal Executive Council contain some recommendations of the Presidential Fiscal Policy and Tax Reforms Committee as part of the Accelerated Stability and Advancement Plan of the government,” Oyedele said.According to Oyedele, the proposed changes are designed to achieve inflation reduction, price stability, and promote fiscal discipline and consolidation.

2. Zero-rated value-added tax and improved incentive regime to promote exports of goods, services, and intellectual property. 4. Reform of the foreign exchange regime to enhance the regulatory powers of the CBN, unlock more forex liquidity, strengthen the naira, and sustain multiple rates convergence.5. Tax reliefs for private sector employers in respect of wage awards and transport subsidies provided to their employees.

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