Oyedele calls for lower corporate tax rates to stimulate investment
The Chairman of tax reform, Taiwo Oyedele has called for lower corporate tax rates, in addressing regulatory overage, and refining tariff systems to stimulate investment and economic growth.
He made this called 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 workers, higher exemption thresholds for small businesses, and zero-rating essential consumptions.
He emphasized 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.
“The government should focus on doing only what the private sector will not do, and collect the least amount of tasks in doing so without compromising the required minimum quality standard.
The government should be intentional regarding non inflationary spending priority and quality of spending.
“After all, that is the essence of the socio economic contracts the people must seek first to understand because ignorance compounds vulnerability and steals opportunities, we must think independently, ask questions, engage and, most importantly, criticize constructively with the sole aim to build not to tear apart our nation,” he stated.
According to him, he noted the need to make policies for a strong and stable Naira, such as allowing businesses to pay taxes in Naira despite having a comparative trade balance.
He lamented that the tax system in Nigeria suffers from archaic laws, complex administrative structure, low tax morale, and widespread evasion.
Speaking further, he explained the importance of prioritizing inclusion and national interest over sectional self-interest in policy-making.
He advocated for using credible data for policy decisions, rather than relying solely on popular views or sentiments.
