FG Inaugurates Committee To Review National Tax Policy

Kemi Adeosun, National Tax PolicyThe Federal Government has constituted a committee for the review of the National Tax Policy as part of efforts to diversify Nigeria’s economy.

The committee was inaugurated by the Minister of Finance, Mrs Kemi Adeosun, on Wednesday in Abuja, the Federal Capital Territory.

Mrs Adeosun restated the government’s commitment towards the diversification of the economy, especially through its tax system.

She stressed that the government is looking at ways to ensure that over 87% of other sectors contribute their quota to its revenue.

The Minister expressed hope that a review of Nigeria’s tax policy would serve as a starting point towards achieving a diversified economy.

The inauguration followed the approval of a Multilateral Competent Agreement by the Federal Executive Council, to give the government a better grip on its tax laws so as to prevent tax evasion by multinational companies.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, said that the approval was consistent with the government’s macroeconomic policy to emphasise on tax income following a fall in the oil revenue.

FEC Approves Multilateral Agreement To Curb Tax Evasion

Muhammadu Buhari, FEC, TaxThe Federal Executive Council (FEC) has approved a Multilateral Competent Agreement to give the government a better grip on its tax laws to prevent tax evasion by multinational companies.

Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this to State House correspondents after the meeting presided by President Muhammadu Buhari on Wednesday in Abuja, the Federal Capital Territory.

He said that the approval was consistent with the Federal Government’s macroeconomic policy to emphasise on tax income following a fall in the oil revenue.

The Minister added that FEC also approved the establishment of a seaport in Badagry, Lagos which government said would be used to bring in big vessels into the country.

He stated that the new port would cost $2.58 billion and would be completed in five years.

Ministers of Transport and Information, Mr Rotimi Amaechi and Mr Lai Mohammed respectively, described the seaport as a viable infrastructure.

The Badagry seaport was said to have been started by the past administration and was abandoned midway.