The Chairman of the Presidential Committee on Fiscal and Tax reforms, Taiwo Oyedele, has called for lower corporate tax rates to stimulate investment and economic growth.
He made the call during a public lecture as part of activities to mark his 50th birthday celebration held in Abuja.
He highlighted the need for an orderly tax system to avoid chaotic taxes that disproportionately impact the poor.
He reiterated that “The tax reform measures include full income tax exemption for over 1/3 of Nigerian workers, higher exemption thresholds for small businesses, and zero-rating essential consumptions.”
He emphasised the importance of credible data, inclusive policies, and investing in people. He stressed the need to refine the tariff system to reduce rates on raw materials and intermediate products to lower input costs.
“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. “
