The Chairman of the Presidential Fiscal and Tax Reforms Committee, Taiwo Oyedele, has lamented the financial burden of the Nigerian poor. Oyedele stated that the country’s poorest citizens have been burdened with tax payments.
As a result therefore, the tax expert emphasized the need to alleviate this burden. He maintained that the vulnerable in the country deserves a break.
The PFTRC Chairman stated this during an interview on Channels TV’s Politics Today on Tuesday.
Oyedele explained that the concept of revenue transformation should go beyond celebrating incremental progress. This is as he held that the current tax base is too small to make a significant impact.
The Chairman pointed out that focusing solely on increasing taxes for existing taxpayers is not the solution.
He, therefore, stressed the importance of reassessing the tax system to relieve vulnerable individuals and small businesses of this burden.
Oyedele advocated that there Should be a recheck in the tax system to enable the middle class, the elite, and those who can afford to bear a fairer share of the tax responsibility. This, he said, will be in line with the principle of progressive taxation.
He said, ”Revenue transformation for us meant we can no longer celebrate incremental progress. This is because the base was just so small.
“And for us it is not just about raising taxes for existing tax payers.
“In fact, one of the things we found was that it is mostly the poor people in Nigeria who have been paying taxes.
“So, it is time for them to take a break. Which means we have to look at the system again to take that burden away from vulnerable people and small businesses. Let the middle class, the elites and the people who can afford, pay in line with the principle of progressivity when it comes to taxation.”
source: Nigerian Tribune
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