The Federal Government has revealed its plan to overhaul the nation’s tax system to shift more of the burden to wealthy citizens to achieve its 18% Tax-GDP ratio revenue target.
This was disclosed by Mr. Taiwo Oyedele, Chairman, of the Presidential Committee on Fiscal Policy and Tax Reforms in a recent interview with Bloomberg.
Mr. Taiwo noted that this move is part of President Bola Tinubu’s reforms as the Federal Government aims to achieve an 18% Tax-to-GDP ratio within 3 years.
According to him, the plan is to: “Make the rich pay what is fair and those who are too poor can be protected. We also envisage a reduction in the corporate income tax rate to below the current effective rate of more than 40% to help boost business.”
Mr. Taiwo went further to highlight how the committee aims to leverage technology to widen the tax net and boost revenue.
