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.

New tax policy: Nigeria on the right track

The President of Nigeria; Goodluck Jonathan recently revolutionalise the tax policy in the country by introducing new policies concerning the collection and paymeny of tax in Nigeria.

The taxing system went a step further with the system went online a new tax regime begins as everyone eligible to pay tax in Nigeria will be alloted a tax indentification number online.

This measures were brought on so as to check those evading tax payment in Nigeria, which will also conform with tax practices globally.

David Ewoma who is a tax consultant was brought on to analyse the new tax policy intorduced by the Jonathan administration.