TO MEET ITS INCOME GOALS, THE FG PLANS TO TAX WEALTHY NIGERIANS.

Babatunji Wusu –

In order to meet its aim of an 18% tax-to-gdp revenue ratio, the federal government has disclosed its intention to reform the country’s tax structure and shift more of the burden to rich residents.

In a recent interview with Bloomberg, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed this.

Mr. Taiwo pointed out that this action is a component of President Bola Tinubu’s reforms, which call for the Federal Government to reach an 18% tax-to-gdp ratio in three years.

He claims that the strategy is to “make the wealthy pay what is just and those who are too poor can be protected.” In order to encourage business, we also envision lowering the corporate income tax rate from its present effective rate of almost 40%.

Mr. Taiwo continued by emphasizing how the committee plans to use technology to expand the tax base and increase income.