Nigeria taxing poverty, capital, investment – Taiwo Oyedele

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has described Nigeria’s current tax system as the one which taxes poverty, capital and investment. Oyedele also posited that Nigeria imposes high tax burden on businesses, making it one of the top ten countries corporate tax burden in the world. He spoke […]

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has described Nigeria’s current tax system as the one which taxes poverty, capital and investment.

Oyedele also posited that Nigeria imposes high tax burden on businesses, making it one of the top ten countries corporate tax burden in the world.

He spoke in Lagos at the grand reception of the President of the Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe and keynote address on the Topic, “Understanding the Nigeria Tax Reforms”

Oyedele expressed that Nigeria is taxing those who could not afford the basic needs.

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He said “We impose a high burden on businesses, large, medium and small. The tax burden on businesses in Nigeria today is one of the highest in the world. Nigeria ranks in the top ten highest corporate tax burden in the world. The same country that needs all the investment that we can get both foreign and domestic.

“We are taxing poverty, we tax capital, we also tax investment. We have a tollgate that we put in front of anything you want to do, we want to collect our taxes in advance whether you make money at the end of the day or not is none of our business.”

He said such “archaic laws with ambiguous provisions” can not work unless there is a reform.

“That system is not working. That system will not work and it does not require prayer and fasting,” he said.

He said the need to rejig the system informed the ongoing tax reforms with four bills before the National Assembly.

Oyedele said there is a need for Nigerians to come together to “rejig the system and transform it to align with our aspirations of what Nigeria should look like.”

The ICAN President agreed with Oyedele that Nigeria’s tax laws are archaic, saying the ongoing reforms would make a difference.

“For once, we will get it right. With what they have put in place, if it’s implemented religiously, it will improve our revenue drive, it will also improve the way we act. It will improve our consumption partner, our tax system will improve and the Nigerian economy will improve,” Alaribe said.