Full recommendations of Nigeria’s Presidential Tax Committee


President Bola Ahmed Tinubu received the report titled
‘Quick Wins within 30 days’ of the Presidential Fiscal Policy and Tax Reforms
Committee led by its Chairman, Taiwo Oyedele, on Tuesday at the Aso Villa.


According to a statement by Presidential spokesperson, Ajuri
Ngelale, the President directed all recommendations by the Committee to be implemented
in a bid to reform the country’s tax sector.


Meanwhile, for clarity, Oyedele, in his official X handle on
Tuesday, listed the 20 critical recommendations the Committee presented to


See Full list of Recommendations:


1. Measures to address duplication of functions in public
service, ensure prudent public financial management and optimize value from
government assets and natural resources


2. Policy signalling and collaboration by MDAs, economic
management, and policy execution team


3. Use of technology “Data4Tax” to expand the tax net


4. Increase personal income tax exempt threshold and
personal relief allowance


5. Tax break for the private sector in respect of wage
increases to low-income earners, transport subsidy and net increase in


6. Permit the payment of taxes on foreign
currency-denominated transactions in Naira for Nigerian businesses.


7. Remove impediments to global employment opportunities for
Nigerians based in Nigeria


8. Suspension of VAT on diesel and tax waivers on CNG, CNG
conversion, and renewable energy items


9. Comprehensive review of tariffs on the 43 items unbanned
from accessing forex in the official market and fiscal policy review of other
items prohibited for imports


10. Reforms of Withholding Tax Regulations to ensure
simplicity and ease the pressure on the working capital of businesses


11. Facilitate the use of mobile phones for conditional cash
transfers and introduce a spending framework for subsidy removal and forex
reform windfall, including a national portal to track spending by FG, states
and local governments


12. Suspension of multiple taxes which place burdens on the
poor and small businesses and compensate with windfalls revenue of certain


13. Expand the official foreign exchange market to
incorporate BDCs, forex apps and retail fx dealers, and outlaw transactions in
the black market


14. Digitalise Nigeria’s fx regime and discourage
speculative demands and hoarding of fx in cash


15. Imposition of excise tax on foreign exchange
transactions outside the official market


16. Implement forward contracts for the importation of PMS
as a short-term measure pending improvement in key economic indices


17. Discontinue the FX verification portal and requirement
for Certificate of Capital Importation and export proceeds restriction


18. Address impediments to export promotion and bottlenecks
regarding Exports. Expansion Grants and remove restrictions on repatriation and
use of export proceeds by exporters


19. Modify Tax ProMax to allow taxpayers to make part
payments of outstanding tax liabilities


20. Grant waiver of penalty and interests on the condition
of full payment of outstanding tax liabilities on or before December 31 2023


Recallthat on July 7, 2023, President Tinubu set up a
Presidential Committee on Fiscal Policy and Tax Reforms, appointing Mr. Oyedele
as its Chairman.


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