In a bid to alleviate the tax burden on Nigerian business operators, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, aims to trim down the multitude of taxes collected in the country. Currently, over 62 taxes are officially enforced across various government levels, with an additional 108 informal taxes. Oyedele’s goal is to streamline this complex system, reducing the number of taxes to less than 10.
Speaking at the 53rd annual conference of the Institute of Chartered Accountants of Nigeria in Abuja, Oyedele emphasized the need for a simplified tax structure that supports the growth of Micro, Small, and Medium Enterprises (MSMEs). He highlighted the absurdity of certain taxes, like those on bicycles and wheelbarrows, which pose a significant challenge for individuals striving to make ends meet.
Oyedele’s vision also encompasses consolidating revenue collection agencies. He envisions a system where each tier of government (federal, state, and local) operates with a single revenue collection agency. This streamlined approach aims to enhance efficiency and refocus government efforts on their core responsibility of improving citizens’ quality of life.
By reducing the number of taxes and rationalizing revenue collection agencies, this initiative strives to create a more conducive environment for MSMEs to thrive and contribute to Nigeria’s economic development.
