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Tag: Taiwo Oyedele

  • How Trump’s new tax service will affect Nigeria – Tinubu’s reforms expert

    How Trump’s new tax service will affect Nigeria – Tinubu’s reforms expert

    Taiwo Oyedele, Chairman of the Presidential Committee set up by President Bola Tinubu on Fiscal Policy and Tax Reforms has expressed concern on plans by President Donald Trump to establish an external revenue service.

    TheNewsGuru.com (TNG) reports President Trump revealed plans to establish the external revenue service on Monday during his swearing in as the 47th President of the United States (POTUS).

    “Instead of taxing our citizens to enrich other countries, we will tariff and tax other countries to enrich our citizens.

    “For this purpose, we are establishing the external revenue service to collect all tariffs, duties and revenue.

    “It will be massive the amount of money pouring into our treasury, coming in from foreign sources,” President Trump said in his inaugural speech.

    Reacting, Oyedele noted that the move by Trump could disrupt international trade and further complicate the already complex global tax system.

    He stressed that the move highlights the importance of the ongoing tax reforms and that by revamping Nigeria’s tax system, the country can better navigate potential challenges and seize any opportunities this development may present.

    Oyedele wrote: “Today, the 47th President of the United States, Donald J. Trump announced plans to establish an External Revenue Service to impose tariffs and taxes on other countries.

    “This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms.

    “By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present”.

  • See 63 items exempted from VAT

    See 63 items exempted from VAT

    The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), aimed at boosting various sectors of the economy.

    Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed this in a statement posted on X on Friday, citing the ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.

    This announcement follows recent fiscal reforms, including concessions to revitalize Nigeria’s oil and gas industry, as highlighted by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier in the week.

    In the official gazette, effective from October 1, 2023, the exempted items include:

    CNG/LPG Dual Fuel Vehicles
    Dedicated LPG Vehicles and CNG/LPG Dual Fuel Vehicles
    Parts, and semi-knocked down units (for assembly) of CNG and LPG buses.
    Parts, and semi-knocked down units (for assembly) of Electric Vehicle
    Electric Vehicles
    Electric Vehicles Battery
    Electric Vehicles Charging System
    Electric Vehicle Solar Charging System
    LPG/CNG Conversion Kits
    CNG Cylinders
    CNG Cascades
    CNG Dispensers
    Gas Generators
    CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers
    Steel Pipes
    Steel Valves & Fittings
    SS Tubes & Fittings
    Storage Tanks (all sizes)
    Regulators
    CNG Pumps and Compressors (all types)
    Steel
    Pressure Relief Valves
    Hydraulic press/Rolling machine
    Heat Treatment Equipment
    Liquid Level Guage
    Pumping Housing and Motors
    Regulator Body
    Pressure Guage
    Truck Chassis
    Metering and Measuring Equipment (including weighbridges, and filling scales)
    Dispensing equipment (dispensing scales, nozzles, gas filling systems)
    Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
    Gas water heaters
    Gas burners for industry
    Gas boilers
    Gas washing machines and dryers (launderettes) Household or laundry-type washing machines, including machines which both wash and dry.
    CNG, LPG and Cyrogenic Hoses Tubes, pipes and hoses, and fittings thereof (for example, joints, elbows, flanges) of plastics.
    CNG truck heads
    Gas Leak Detectors
    Gas air conditioners
    Cylinder refurbishment equipment
    Blending skid/unit
    Odourizing unit
    Chromatography unit (GC)
    LNG Liquefying Equipment, Heat Exchangers, LNG Vapourizers, Regasification
    Plant, Liquefied CNG Compression Terminals
    LNG Plant, Machinery, Pumps, Compressors, Filters (Including Gas Filters),
    Weighing Machines, Valves Equipment
    Cyrogenic Storage Tanks, Liquefied CNG Conversion tanks
    Pipes, Piping Fittings, and Flanges used for Liquefied Natural Gas processing
    Electrical Equipment, including Cables for Liquefied Natural Gas processing
    Steel Plates, Angles, and Bars for Liquefied Natural Gas Processing
    LNG Related Chemicals
    Biogas Digester
    Biogas Compressor
    De-sulphurization units
    Dryer
    Distillation columns for processing biofuels
    Bio-ethanol refinery equipment
    Fermentation Tanks
    Biofuel-related Chemicals, Enzymes and Reagents
    Liquefied Petroleum Gas
    Compressed Natural Gas
    Feed Gas
    Automotive gas oil

     

  • Multiple taxes creating problems, should be suspended – Tinubu’s appointee

    Multiple taxes creating problems, should be suspended – Tinubu’s appointee

    Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that the multiple taxes levied at various government levels are making life difficult for everyone in Nigeria.

    In a live appearance on Channels Television’s Sunrise Daily on Wednesday, Oyedele said, “We do not understand why we have so many taxes in Nigeria, just creating problems for everyone.”

    According to Oyedele, taxing rights at all levels of government need to be properly defined and addressed to the roots, starting with the country’s Constitution.

    “We want to go into the Constitution itself and address the problem from the roots. Let’s put it there and let it be clear. Clearly define the taxing rights at the different levels of government — this should be what you can collect — from local government to state to federal and here are your responsibilities,” he said.

    “Some of the issues that people are facing have removed the side mirror; it’s almost like living in the jungle. We should agree to suspend these taxes.”

  • Nigeria targets tax cut with major reforms to boost efficiency

    Nigeria targets tax cut with major reforms to boost efficiency

    The Presidential Committee on Tax Reforms and Fiscal Policy says it is determined to simplify the excessive number of collectable taxes and levies, currently exceeding 60, aiming to reduce them to fewer than 10 at all levels of government.

    Chairman of the Committee, Taiwo Oyedele, made this known when he addressed State House Correspondents on Tuesday.

    He stated, “Our aim is to consolidate these taxes at all levels of government, reducing the total number to less than 10.”

    Oyedele also noted the burden posed by the existing plethora of taxes and levies, stressing that around 96 per cent of the total revenue collected by the federal, state, and local governments is derived from a small set of fewer than 10 taxes.

    The Chairman expressed the critical nature of revising Nigeria’s taxation laws and regulations, noting the committee’s engagement with the Senate and the House of Representatives to address necessary reforms.

    In the context of the controversy surrounding the Value Added Tax (VAT) law, Oyedele stressed the need for Nigerians to come together to find solutions rather than relying on the courts.

    He announced that the committee has initiated public consultation and stakeholder engagement and has already received input from every state in Nigeria.

    Regarding the need for constitutional amendments for most of the reforms, Oyedele pointed a lack of clarity regarding taxing rights between levels of government as a major challenge.

    He stated, “We have over 60 taxes and levies, officially collectable by federal government, state government, and local governments. Unofficially, those taxes number over 200, making life difficult for our people.”

    The Chairman also discussed the shift in tax structure and revenue generation, highlighting that having a higher number of taxes does not necessarily lead to increased revenue and can create opportunities for financial leakages.

    In the second phase of the committee’s report, critical reforms will be revealed, addressing the multiplicity of taxes and rewriting major tax laws.

    Oyedele shared that the committee has been actively engaging with various key stakeholders, including policymakers, to put the framework in place for implementing their recommendations.

     

  • Nigeria sets ambitious N20 trillion revenue target

    Nigeria sets ambitious N20 trillion revenue target

    Nigeria, Africa’s largest economy, has announced a sweeping review of its existing tax incentive framework with the aim of boosting revenue collection and fostering economic growth.

    This ambitious initiative is part of a broader strategy to achieve N20 trillion in revenue which is nearly double its current N10.1 trillion collection, simplify the tax system, and stimulate economic prosperity.

    The reforms, spearheaded by the Presidential Fiscal Policy and Tax Reforms Committee chaired by Taiwo Oyedele, are expected to stimulate economic activity, attract foreign investments, and encourage specific sectors.

    Oyedele revealed that approximately N6 trillion is disbursed annually as tax incentives, often without yielding the intended benefits for the nation’s economy.

    “If you look at our tax expenditure reports over the past three to four years, on the average, we are giving away around N6tn per annum. That is significant. What we have not been measuring enough is the benefit we are getting from that,” he said.

    Balancing Economic Growth and Revenue Generation

    The Nigerian government’s decision to revisit tax incentives comes in the wake of the need to strike a balance between promoting economic growth and increasing revenue generation.

    Simplifying the tax system is an essential element of this reform. By reducing the complexity of the tax code and streamlining the number of taxes payable by Nigerians, the government aims to create a more business-friendly environment and reduce the burden on taxpayers, ultimately fostering economic growth.

    The first pillar of these reforms is a commitment to data-driven decision making. By harnessing data and evidence, the government aims to design incentives that are tailored to the nation’s specific needs and goals.

    This approach will ensure that incentives are targeted, effective, and subject to periodic evaluation.

    Another vital aspect of this initiative is the harmonization of tax collection. Streamlining the processes and procedures for tax collection will ensure greater efficiency and minimizes potential revenue leakage, according to Oyedele.

    He said the harmonization will also reduce the administrative burden on both taxpayers and government agencies.

    The committee Chairman added: “So to close that gap, we will rely on automation and the efficiency of collection including harmonisation of how those taxes are collected.

    “The other thing is, if you also consider the incentive rationalisation maybe it’s not N6 trillion we should be giving away maybe it’s N2 trillion which must be targeted at people that need them the most.”

    He  further acknowledged that while challenges abound, the reform strategy has the potential to unlock Nigeria’s full economic potential and position the country as a regional and global powerhouse.

  • We have no plans to increase taxes – FG

    We have no plans to increase taxes – FG

    The Federal Government says it has no plans to increase taxes or add to the burdens of the country’s tax paying citizens.

    The Chairperson, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, said this on Tuesday while reacting to unconfirmed reports of government’s plans to increase taxes.

    The tax expert revealed that what government proposed was to reduce the country’s over 60 official taxes down to a single digit tax number.

    According to him, the plan is to be able to reduce the number to single digit so that across all levels of government, you do not pay more than 10 taxes.

    “We are confident that this is possible with the support of everyone and we will continue to do what we can to close the tax gap to generate revenue instead of increasing taxes.

    “We have the inaugural meeting of the committee and workshop next week Tuesday and more information will be provided to the public afterwards,” he said.

  • 10 game-changing reforms to expect in Nigeria’s fiscal landscape

    10 game-changing reforms to expect in Nigeria’s fiscal landscape

    The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has outlined some significant changes that Nigerians can expect in the nation’s fiscal landscape.

    In a statement on Tuesday, Oyedele emphasised the importance of data-driven decisions, pointing out that the current fiscal system was plagued with challenges such as outdated laws, multiple taxes, poor tax administration, and a lack of public trust.

    He also highlighted the burden of taxation on compliant citizens and businesses while evaders often escaped consequences.

    The Chairman said his team would carry out comprehensive reforms that would drive equitable growth, enhance revenue generation, and foster a conducive business environment.

    Below are 10 key changes contained in Oyedele’s statement obtained by this newspaper, which Nigerians can anticipate:

    1. Overhaul of Outdated Laws: To address complexity and multiplicity of taxes, the committee will embark on comprehensive updates of existing laws. The goal is to harmonize tax structures, alleviate the burden on vulnerable citizens, and cater to the concerns of investors across the spectrum.

    2. Equity in Taxation: Tax policies will be designed to reduce the burden on the poor and vulnerable, ensuring a more equitable distribution of taxes.

    3. Simplified Tax Disputes: A more streamlined process for resolving tax disputes will be established, with accessible mechanisms for small businesses and vulnerable individuals.

    4. Boosting Revenue Generation: Strategies will be developed to enhance revenue generation without resorting to new taxes, responding to economic challenges such as rising prices.

    5. Digital Economy and Job Growth: Laws will be amended to encourage remote work opportunities and foster job growth in the digital economy, benefiting the youth.

    6. Global Business Attraction: Policies will be created to attract global businesses, positioning Nigeria as a hub for research, innovation, and financial services on the continent.

    7. Energy Transition Planning: Fiscal policies will address energy transition concerns and sustainable development, ensuring responsible energy practices.

    8. Modernization of Tax Administration: A coordinated strategy will be implemented to enhance transparency in revenue reporting, promoting accountability and trust. The committee acknowledges the need to modernize tax administration, addressing issues such as unregulated collections by untrained officers, particularly at the Local Government level.

    9. Quality Spending and Long-Term Vision: The focus will be on prudent spending to ensure efficient use of generated revenue for national development.

    10. Responsibility towards Sustainable Development: Policies will be future-oriented, addressing multidimensional poverty and aligning with Sustainable Development Goals.

    Oyedele believes that if these reforms are carried out, Nigeria has the potential to emerge as a global leader in fiscal policy innovation and development.

  • What you should know about Tax reforms committee chairman, Taiwo Oyedele

    What you should know about Tax reforms committee chairman, Taiwo Oyedele

    President Bola Ahmed Tinubu has appointed Taiwo Oyedele as the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

    Prior to today’s appointment, Oyedele is the Africa Tax Leader at PriceWaterhouse Coopers (PwC).

    Mr. Oyedele is a highly accomplished professional with extensive expertise in fiscal policy, taxation, and economic matter.

    In addition to his role at PwC, Oyedele holds several important positions in prestigious organizations.

    He is the Thematic Lead for the Fiscal Policy & Planning Commission and serves as the Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group (NESG).

    Furthermore, he chairs the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria (ICAN) and is a member of the Nigerian Taxation Standards Board.

    He also serves as a member of the Ministerial Committee on the implementation of Nigeria’s National Tax Policy.

    He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants (ACCA).

    As an educator, Oyedele holds the position of Associate Professor at the Babcock University Business School.

    He is an alumnus of the London School of Economics & Political Science, Yale University and Harvard Kennedy School Executive Education. He is a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.

  • JUST IN: Tinubu sets up committee on tax reforms, names Taiwo Oyedele

    JUST IN: Tinubu sets up committee on tax reforms, names Taiwo Oyedele

    The president of federal republic of Nigeria, Bola Tinubu has approved the establishment of a presidential committee on fiscal policy and tax reforms.

    Taiwo Oyedele, fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC), has been named as the chairman of the committee.

    Dele Alake, special adviser to the president on special duties, communications and strategy, announced the development in a statement on Friday.

    Details later…