News
FG set to tax wealthy Nigerians to achieve revenue target
The Federal Government has revealed its plan to overhaul the nation’s tax system to shift more of the burden to wealthy citizens to achieve its 18% Tax-GDP ration revenue target.
This was disclosed was by Mr. Taiwo Oyedele, Chairman, of the Presidential Committee on Fiscal Policy and Tax Reforms in a recent interview with Bloomberg.
Mr. Taiwo noted that this move is part of President Bola Tinubu’s reforms as the Federal Government aims to achieve an 18% Tax-to-GDP ratio within 3 years.
ALSO READ: BPE to collaborate with Jigawa state on economic reforms
According to him, the plan is to: “Make the rich pay what is fair and those who are too poor can be protected. We also envisage a reduction in the corporate income tax rate to below the current effective rate of more than 40% to help boost business.”
Mr. Taiwo went further to highlight how the committee aims to leverage technology to widen the tax net and boost revenue.
-
Featured5 days agoInside INEC’s race to prepare for Nigeria’s 2027 elections
-
Featured6 days ago2027: APC unveils nationwide campaign timetable, Tinubu to rally in 12 states
-
Latest1 week agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Business7 days agoPresident Tinubu and the Low Transport Fares Fiasco
-
Business1 week agoBREAKING: Nigeria’s Inflation Rate Drops to 14.63% in September
-
Latest7 days agoGlobal excitement builds as Healing Streams Live Services returns October 23
-
Business6 days agoCourt dismisses ₦170m Trade Fair contract claim, says Zenith Bank was not a party
-
Business3 days agoNaira faces exchange rate gap as Dollar hits N1,380 on parallel market