Removal of subsidies: VAT should be suspended on diesel – President of the Presidential Tax Committee, Oyedele
Home » News » Removing subsidies: VAT should be suspended on diesel – Chairman of the Presidential Tax Committee, Oyedele
NewsAugust 9, 2023
Chairman of the Presidential Committee on Tax Policy and Tax Reforms, Taiwo Oyedele, said value added tax (VAT) should be suspended on diesel to cushion the economic impact of the removal of fuel subsidies.
Oyedele said this on Channels Television's Sunrise Daily breakfast show on Wednesday.
He said, "What the president wants us to do is that in the first 30 days, there are those fruits at hand that people have generally agreed are a problem, but nobody did anything about it.
"Personally, for example, it's not promising that this will happen. I think we should suspend VAT on diesel because we have removed the subsidy on petrol and prices are rising.
"We're going to table it in front of the committee. Those are the things we want to do in the first 30 days."
Oyedele, a former fiscal policy partner and head of Africa tax at PriceWaterhouseCoopers (PwC), said the committee will update key tax reforms, rewrite and harmonize tax laws, issue executive orders, roll out regulations, among others.
He said the committee, which was inaugurated by President Bola Tinubu on Tuesday in Abuja, has one year to implement its policies, but noted that the periods of 30 days, six months and one year run simultaneously.
Oyedele added that the Federal Inland Revenue Service (FIRS) is best placed to collect revenue from ministries, departments and agencies.
He said the presidential committee would look into excessive bank charges, adding that businesses pay up to 65-70 taxes and levies, but the committee's plan is to reduce the number of taxes to around 10.< /p>
Home » News » Removing subsidies: VAT should be suspended on diesel – Chairman of the Presidential Tax Committee, Oyedele
NewsAugust 9, 2023
Chairman of the Presidential Committee on Tax Policy and Tax Reforms, Taiwo Oyedele, said value added tax (VAT) should be suspended on diesel to cushion the economic impact of the removal of fuel subsidies.
Oyedele said this on Channels Television's Sunrise Daily breakfast show on Wednesday.
He said, "What the president wants us to do is that in the first 30 days, there are those fruits at hand that people have generally agreed are a problem, but nobody did anything about it.
"Personally, for example, it's not promising that this will happen. I think we should suspend VAT on diesel because we have removed the subsidy on petrol and prices are rising.
"We're going to table it in front of the committee. Those are the things we want to do in the first 30 days."
Oyedele, a former fiscal policy partner and head of Africa tax at PriceWaterhouseCoopers (PwC), said the committee will update key tax reforms, rewrite and harmonize tax laws, issue executive orders, roll out regulations, among others.
He said the committee, which was inaugurated by President Bola Tinubu on Tuesday in Abuja, has one year to implement its policies, but noted that the periods of 30 days, six months and one year run simultaneously.
Oyedele added that the Federal Inland Revenue Service (FIRS) is best placed to collect revenue from ministries, departments and agencies.
He said the presidential committee would look into excessive bank charges, adding that businesses pay up to 65-70 taxes and levies, but the committee's plan is to reduce the number of taxes to around 10.< /p>
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