In a significant move towards promoting the Nigerian currency and easing the burden on businesses, the chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that the practice of paying taxes in foreign currency will be discontinued by the end of this year.
Addressing the issue, Oyedele stated, "If you are a Nigerian company or individual conducting business in naira, why should we pay taxes in dollars? We should not be undermining our own currency by creating unnecessary demand."
Oyedele further revealed that his committee is actively engaged in discussions with state governors to explore the possibility of suspending multiple taxes that have been a source of frustration for businesses. Additionally, they are exploring avenues to utilize surplus funds from government agencies.
To further expedite economic recovery, Oyedele announced plans to introduce an Emergency Economic Intervention bill. This bill is expected to be presented to the National Assembly before the middle of November. Oyedele expressed optimism, stating, "They have assured us of an accelerated hearing, so we anticipate that by the end of November, this bill will be in operation."
The Nigerian tax system currently comprises over60 official taxes, which have posed challenges for businesses and individuals alike. With these proposed reforms, the government aims to streamline the tax process, alleviate burdens on businesses, and bolster the Nigerian economy.
This move is expected to be welcomed by the business community, as it will not only simplify tax payments but also promote the use of the national currency, fostering economic stability and growth.
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