Bill to harmonize tax and excise law reforms underway

Federal Ministry of Finance is currently working on a bill that will harmonise the various tax and law reforms littering the statute books.

At the second sitting of the National Tax Policy in Abuja on Tuesday, Chairman of the technical committee, Dr. Bode Oyetude said that the sub-committee would conclude its work within the next two weeks.

“We are working to put up a finance bill and policy note to the Minister of Finance, that would raise revenue and reduce the cost of doing business in Nigeria, deal with some areas of tax inequity, deal with some areas in international taxation like profit shifting and base erosion,” Oyetunde said.

As soon as it concludes its task, the technical committee of the National Tax Policy Implementation Committee will then present a Finance Bill and Policy Note to the Minister of Finance and Budget Planning.

The general committee is headed by the Executive Chairman of FIRS, Tunde Fowler and the Comptroller-General of
Custom, Hamid Ali is the Deputy Chairman, Ambassador Adeolu Dipeolu who is also the Special Adviser to President Muhammadu Buhari on Economic Matters in Vice President’s Office is the Chairman of the Technical-Sub-Committee.

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At their inauguration, Fowler charged the technical committee to work harmoniously to achieve the desired result.

“I charge the Chairman and members of the Technical Committee with the responsibility of accelerating the drafting and submission of a draft Finance Bill (and if deemed necessary, any draft Executive Order(s), to harmonise the various tax and excise law reform efforts.

It is our expectation that the Technical Committee will work assiduously over the next few weeks to produce a singular set of fiscal measures that will be considered and approved by the reconstituted NTPIC.

Once agreed, these fiscal measures are to be submitted to the Economic Management Team and the Federal Executive Council for approval and ultimate transmission to the National Assembly, for passage into law as part of the efforts to support the 2020 Executive Budget Proposal,” he said.