260 taxes to be slashed to single digit •Merging of BDCs, forex apps, dealers into official FX marketThe Taiwo Oyedele-led Presidential Fiscal Policy and Tax Reform Committee got the presidential stamp and the directive to present the proposals to the
The committee also wants the government to implement forward contracts for the importation of Premium Motor Spirit as a short-term solution while waiting for improvements in key economic indicators.Taxation: The committee suggested to the Federal Government the resolution of the contentious issue of multiple taxation.
Personal Income Tax: The committee would like to see an increase in the threshold at which personal income tax is applicable and allow for a higher personal relief allowance, which would reduce the tax burden on individuals. Waiver of Penalties and Interests: Oyedele and his team are advocating the granting of waivers on penalties and interest charges for taxpayers who fully settle their outstanding tax liabilities before December 31, 2023. This will incentivize tax compliance.
Forward Contracts for PMS: Implementing forward contracts for the importation of Premium Motor Spirit as a short-term solution while waiting for improvements in key economic indicators is another demand made by the committee.Discontinuing the foreign exchange verification portal and relaxing the requirements for certificates of capital importation and export proceeds restrictions will potentially make foreign investment and forex transactions more accessible.