FG introduces plan to tackle open defecation

FG raises tax to GDP ratio to 18%

Signs emerged on Monday that tax reforms being pushed by Nigeria’s economic managers could soon increase tax revenue as a percentage of GDP by about 18%.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, gave the hint on Monday, shortly after a Federal Executive Committee meeting presided over by President Bola Tinubu.

He revealed that the Fiscal Policy and Tax Reform Committee has been active for the past 90 days and has even influenced the economy by proposing early reforms and charting the path forward on very important goals. did.

According to Edun, the policy on eliminating VAT on diesel was issued by tax administrators to improve the government’s fiscal position by increasing revenue, especially tax revenue, through digitalisation, greater efficiency and rationalization of the tax spectrum. He says he wants to improve it. What we have at the moment.

He said: “They aim to raise the tax revenue to GDP ratio to 18 percent, which is the African average. So many countries are above that level. In fact, it’s about double what it is now, and it won’t be for several years. The goal is to reach 18% within the next few days. Other economic measures are being considered in the short term, and the report was well received by the President and indeed by the entire Federal Executive Committee.”

Source: dailypost.ng

Leave a Reply

Your email address will not be published. Required fields are marked *