BY Busola Aro
The presidential committee on fiscal policy and tax reform (PCFPTR) has pledged to improve tax payments, making them beneficial to Nigerians.
Speaking after the committee’s inauguration on Tuesday, Taiwo Oyedele, chairman of PCFPTR, said the panel would ensure that tax payment is done through appropriate policies without stifling the most vulnerable Nigerians.
He said the committee would apply appropriate data in working out tax policies that would make compliance seamless and beneficial.
“The committee will not tax everything and everyone but those that can pay the tax in order to protect the vulnerable citizens. Not having enough revenue means a lack of proper infrastructure development in the country,” he said.
“It’s a job that is possible with the support of Nigerians. Most developed countries that our people want to go to survive on tax instead of borrowings.”
According to Oyedele, payment of taxes will encourage the translation of revenue to better service to the citizens because “it means raising of revenue and where it will come from, such as removing multiplicity of taxes”.
“There is a huge tax gap. So, if we get every taxpayer to pay in the existing framework it will go a long way,” he added.
“We will ensure that the Federal Inland Revenue Service (FIRS) is made to harmonise taxes and collect for most ministries, departments, and agencies (MDAs) that are charged to generate revenues. The MDAs will now facilitate revenue collection by concentrating on their core duties and thereby attract revenue.”
Speaking further, Oyedele said to address the challenges of multiple tax payments, all the tiers of government are involved to make it a national policy, adding that all stakeholders have agreed to have coordination in tax administration.
‘TAX COMPLIANCE WILL TRANSLATE TO MORE ECONOMIC OPPORTUNITIES’
On his part, Shubham Chaudhuri, World Bank country director, said the global financial firm was involved to ensure that Nigeria delivers essential services to its citizens through proper revenue generation and spending.
Chaudhuri added that the objective of the committee is to have a standard operating procedure needed to enable the country generate revenue and encourage foreign investment.
“This committee will gain the trust of citizens by making them pay willingly and that the tax they pay will be used appropriately to provide the necessities a government must provide. This will translate to more economic opportunity for the citizens and the country,” he said.
Similarly, Segun Ajayi-Kadir, director-general of the Manufacturers Association of Nigeria (MAN) and a member of the committee, described the inauguration as a stride that would help facilitate the nation’s growth.
“Businesses have no business not paying taxes. They only need to have the confidence that the tax would be fairly charged and deployed to facilitate a business environment and encourage foreign partnership,” Ajayi-Kadir said.
He also said the involvement of MAN and other private sectors in the committee would be beneficial, as it would ensure only the ‘fruit and not the seed’’ is taxed in this new policy.
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