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FG plans bill to address multiple taxes, disparity

FG plans bill to address multiple taxes, disparity

The Technical Committee of the National Tax Policy Implementation Committee will soon present a bill to the Minister of Finance and National Planning, Mrs Zainab Ahmed, that will harmonise all taxes to enhance ease of doing business in the country.

The Deputy Chairman of the committee, Dr Bode Oyetunde, said this during the second meeting of the group, held at the head office of the Federal Inland Revenue Service.

Oyetunde said that the sub-committee would finish its work in the next 10 to 15 days, adding that the bill would lead to an increase the country’s revenue.

 

The bill when approved by the finance minister would be sent to the Federal Executive Council for consideration and approval before it would be forwarded to the National Assembly for legislative scrutiny.

Oyetunde said the bill when approved would also assist the Federal Government in reducing the cost of doing business in the country.

He said the bill, when passed into law by the National Assembly, would also deal with some areas of tax inequity, as well as address some grey areas in international taxation such as profit shifting and base erosion.

Base erosion and profit shifting refers to corporate tax planning strategies used by multinationals to move profits from higher tax jurisdictions to lower tax jurisdictions, thus eroding the tax base of the higher tax jurisdictions.

He said, “We are working to put up a finance bill and policy note to the minister of finance that will raise revenue and reduce the cost of doing business in Nigeria; deal with some areas of tax inequity; deal with some areas in international taxation like profit shifting and base erosion.”

The general committee is headed by the Executive Chairman of FIRS, Tunde Fowler, while the Comptroller-General of Customs, Hameed Ali, is the deputy chairman.

The Special Adviser to President Muhammadu Buhari on Economic Matters in Vice President’s Office, Adeolu Dipeolu, is the chairman of the technical sub-committee.

Fowler had during the inauguration of the technical sub-committee charged members to work harmoniously to achieve the desired results.

Source:- https://thenigerialawyer.com/fg-plans-bill-to-address-multiple-taxes-disparity/