Oyedele, who added that no new tax would be introduced said that the committee's objective is to downsize the number of taxes levied on Nigerians.
On achieving the 18 per cent tax-to-GDP ratio mandated by the committee to improve the nation’s income generation within three years, Oyedele said, “The average tax-to-GDP ratio for Africa excluding Nigeria is about 18%. This is the basis for the target of 18% and the estimated tax gap of N20 trillion.”
He added, “There is a huge opportunity to generate revenue by leveraging technology and tax intelligence to close the tax gap. In addition, we will rationalize incentives, reduce the cost of collection, and optimise revenue from government assets and natural resources. This way we can generate more revenue without introducing new taxes.”
According to him, the committee’s mandate is not limited to only the federal government but cut across all levels of government. “The committee will work with all levels of government as critical stakeholders to ensure effective collaboration in the design and implementation of necessary fiscal policy changes and localisation of reforms at the subnational level as may be applicable,” Oyedele disclosed.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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