Lower corporate tax rates’ll stimulate investment – Oyedele
Orisemeke Benjamin
The Chairman of tax reform committee, Taiwo Oyedele has called for lower corporate tax rates, in addressing regulatory overage, and refining tariff systems to stimulate investment and economic growth.
Oyedele, who made the call during a public lecture as part of activities to mark his 50th birthday celebration Wednesday in Abuja, said there is a need refine the tariff system to reduce rates on raw materials and intermediate products to lower input costs.
The tax reform committee chairman further said credible data, inclusive policies, and investing in people was crucial to ensuring tax payment compliance, adding that only an orderly tax system that reduces chaos in in tax administration and payment will positively impact poor Nigerians.
He reiterated that the tax reform measures include full income tax exemption for over 1/3 of workers, higher exemption thresholds for small businesses, and zero-rating essential consumptions.
While lamenting the country’s archaic laws, complex administrative structure, low tax morale, and widespread evasion, Oyedele insisted on the use credible data for policy decisions, rather than “relying solely on popular views or sentiments”.
Speaking further, he explained the importance of prioritizing inclusion and national interest over sectional self-interest in policy-making. He advocated for using.
“We have priority sector incentives, boosting exports and providing tax relief to prevent public transition for Nigerian businesses operating internationally. Others are changes to income class laws to attract remote work opportunities, enabling Nigerian youths to thrive in the digital economy. Introduction
“The government should focus on doing only what the private sector will not do, and collect the least number of tasks in doing so without compromising compromising the required minimum quality standard. The government should be intentional regarding non-inflationary spending priority and quality of spending.
“After all, that is the essence of the socio-economic contracts the people must seek first to understand because ignorance compounds vulnerability and steals opportunities, we must think independently, ask questions, engage and, most importantly, criticize constructively with the sole aim to build not to tear apart our nation,” he stated.
He noted the need to make policies for a strong and stable Naira, such as allowing businesses to pay taxes in Naira despite having a comparative trade balance.
