Taiwo Oyedele, the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has affirmed that the upcoming Tax Reform Bill will play a significant role in reducing poverty and empowering the average Nigerian.
Oyedele made this statement at the Spokespersons’ Summit, hosted by the Nigerian Institute of Public Relations in Abuja.
He expressed strong optimism about the transformative potential of the bill, especially for low-income earners and small businesses in the country.
A central aspect of the reform, Oyedele pointed out, is the exemption of low-income earners from personal income tax, along with the removal of VAT on essential items like food, education, and healthcare services.
He also emphasized that the bill proposes a zero percent corporate income tax rate for small businesses. Although the bill has faced some misconceptions and criticism, Oyedele reiterated that its benefits would be far-reaching for the general populace.
“Taxation often doesn’t seem appealing to ordinary citizens, especially when it’s hard to see the direct return on their contributions to the government,” he said.
Oyedele further explained that the reform was crafted by understanding the underlying issues, using data to engage the public, and developing a solution tailored to Nigeria’s needs.
“This tax reform bill, now almost ready for the President’s signature, was designed by Nigerians, for Nigerians,” he remarked.
He expressed confidence that once implemented, the reforms will have a tangible and positive impact on the lives of ordinary Nigerians, with tax exemptions for low-income earners being among the immediate benefits.