*Taiwo Oyedele, Chairman of the Fiscal Policy and Tax Reforms Committee Committee’s proposal for Value-Added Tax is to reduce the rate to zero percent for food, health, education, and exemption for rent, transportation, and small businesses in Nigeria

Isola Moses | 绿帽献妻

Nigeria鈥檚 Presidential Fiscal Policy and Tax Reforms Committee has restated its proposal for Value-Added Tax (VAT) is to reduce the rate to zero per cent (0%) for food, health, education, and exemption for rent, transportation, and small businesses in the country.

绿帽献妻 reports Mr. Taiwo Oyedele, Chairman of the Fiscal Policy and Tax Reforms Committee, who said this during the week, noted the Committee鈥檚 mandate is to ensure that taxation under President Bola Ahmed Tinubu鈥檚 administration is to design measures to fix loopholes in the system.

Oyedele, however, expressed dismay at the manner in which some section of the press allegedly misrepresented the core of his recent interview with Channels TV.

The Chairman on his observation via his verified social media account, wrote 鈥渢he same interview, very different reportage and choices of headlines. Bad news sells faster, so some journalists will spin any news just to sell.

鈥淪ome of the quotes attributed to me in some of the reports are not my words.鈥�

He, however, clarified that his Committee’s proposal for VAT is to reduce the rate to zero percent (0%) for food, health, education, and exemption for rent, transportation, and small businesses.

鈥淥ur data shows that these are the areas where the average person spends almost all their income, meaning their VAT burden will reduce.

鈥淭he upward rate adjustment is on other items to partly offset the reduction in rate and exemption for basic consumptions ensuring that the masses are protected.

鈥淏usinesses will also get full credit for any VAT paid on their assets and services in addition to the existing credit on goods.鈥�

In a related development, Oyedele said he recently had the opportunity to engage with Mr. Bill Gates, when the American multibillionaire and Co-Founder of Microsoft Inc. visited Nigeria this week.

He noted: 鈥淲e discussed our ongoing fiscal reforms and various measures to improve the quality of spending on health, education, and to enhance agricultural productivity, which are some of the priority areas for his foundation.

鈥淲e are positive that our reforms, when fully implemented, will be transformational for Nigeria to the benefit of Africa and serve as a reference point for the rest of the world.鈥�