The Federal Government has unveiled plans to reintroduce the national tax amnesty scheme, as revealed in a statement released on Thursday. The statement, signed by Stephen Kilebi, the Director of Press and Public Relations at the Ministry of Finance, shared insights from a two-day retreat of the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja. During the retreat, Mr. Taiwo Oyedele, the Chairman of the Committee, outlined several anticipated outcomes.
The provided statement outlined the Committee’s objectives, including streamlined tax policies, optimized revenue collection processes, a revised national tax policy, establishment of a national fiscal framework, preparation of bills for constitutional amendments, revenue optimization strategies, creation of a model template for sub-national entities, and the reinstatement of the national tax amnesty scheme.
In 2017, Prof. Yemi Osinbajo, the former Vice President and Acting President, signed Executive Order No. 004, initiating the Voluntary Assets and Income Declaration Scheme. This tax amnesty initiative allowed taxpayers a limited-time opportunity to regularize their tax situations for previous periods and settle the owed taxes with certain incentives. The scheme, active from July 1, 2017, to March 31, 2018, aims to encourage compliance and revenue generation.
The current administration, under President Bola Tinubu, appears poised to reintroduce this tax amnesty scheme. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured Nigerians of brighter prospects with the implementation of the President’s Renewed Hope Agenda. The agenda aims to generate employment, mitigate poverty, stabilize macroeconomic policies, attract investors, maintain currency stability, and promote economic growth.
Opinion:
The decision to reintroduce the national tax amnesty scheme reflects a strategic move by the Nigerian government to enhance compliance and revenue generation. As the administration under President Bola Tinubu rallies around the Renewed Hope Agenda, the focus on job creation, poverty alleviation, and economic stability remains paramount. It’s encouraging to see a proactive approach to addressing economic challenges, and the commitment to improving GDP per capita and curbing hyperinflation signals positive steps towards a more resilient and prosperous economy.
(Publsihed by Marketnewsng)