Federal Government to reintroduce national tax amnesty system according to a statement issued on Thursday.
The Punch reported that the Ministry of Finance’s Director of Press and Public Relations, Stephen Kilebi, signed the statement.
It was revealed that the Chairman of the Committee, Mr. Taiwo Oyedele, made a list of some anticipated deliverables during a two-day retreat of the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja.
The following deliverables from the committee were highlighted in the statement: “The Chairman highlighted the deliverables from the committee which include: optimal taxes; harmonized revenue collection functions; a revised national tax policy; national fiscal framework; preparation of bills for constitutional amendment; revenue optimization; production of a model template for sub-nationals; and establishment of the national tax amnesty scheme.”
Executive Order No. 004 for the Voluntary Assets and Income Declaration Scheme was signed on June 29, 2017, by Prof. Yemi Osinbajo, the former vice president of Nigeria and temporarily acting president.
With the help of the tax amnesty program, taxpayers have a little window of time in which to rectify their tax situation with regard to prior tax years and settle their debts while still receiving certain benefits.
Beginning on July 1, 2017, the amnesty was scheduled to last for nine months, ending on March 31, 2018.
It appears that the Bola Tinubu administration intends to reintroduce this proposal.
Additionally, the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, told Nigerians in the statement that better days will soon arrive with the implementation of President Bola Tinubu’s Renewed Hope Agenda.
“Mr. President’s wish is to create jobs, reduce poverty, manage micro- and macroeconomic policies to foster a stable environment that will draw investors, stabilize the exchange rate, and propel the economy to reduce poverty to the lowest level,” he stated.
Although the withdrawal of fuel subsidies slowed the economy, Edun said, interventions were put in place to ease the transitional pains and plug subsidy leaks.
He stated that the period of our GDP per capital declined by 30% over the previous 10 years will be a thing of the past with the President’s Renewed Hope Agenda.
He also gave the stakeholders the assurance that the country’s economic problem with hyperinflation will soon be history.
The minister then reminded the committee members that they had 30 days to complete their work and that the economy was not expanding as quickly as anticipated.
