Fiscal Policy and Tax Reforms committee mulls over suspension of diesel VAT

The federal government would explore eliminating the value added tax on diesel in order to lower the rising cost of goods and services, according to Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

This information was revealed by Oyedele in his statement during President Bola Ahmed Tinubu’s inauguration of the tax committee on Tuesday at the Villa.

He asserts that the government is dedicated to raising revenue without enacting new taxes.

He said Tinubu’s administration will also take into account halting the payment of taxes and levies in foreign currencies as a way to ease the strain on the Naira.

Oyedele predicted that within a year, the tax measures recommended by the committees would be put into effect, including legislation encouraging young people to find jobs online.

“…These challenges further provide a platform for us to mobilize revenue without introducing new taxes, and we can respond swiftly to our most pressing needs, including measures to ease the impact of rising prices (e.g. suspension of VAT on diesel), reduce pressure on the Naira (e.g. cease the payment of taxes and levies in foreign currencies), and amend the laws to encourage remote work opportunities and foster job growth in the digital economy, especially for our teeming youth”, he stated.

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