The 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.