The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that the Federal Government, led by President Bola Ahmed Tinubu, is ready to make a compromise on the controversial Value Added Tax structure in the tax reform bills before the National Assembly.
Oyedele disclosed this on Sunday during an interview with
Channels Television.
Recall that four tax reform bills— the Nigeria Tax Bill
2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment
Bill, and the Joint Revenue Board Establishment Bill— meant to overhaul the
country’s tax system, had sparked serious debate since it was sent to the
National Assembly for passage in October, 2024.
Speaking on Sunday, Oyedele stressed that the proposed VAT
structure on Derivative Principle will benefit every part of the country,
contrary to claims in some quarters.
He noted that if the preference was for the current state of
the Attribution Principle, then his team was willing to oblige.
“That is what is non-negotiable. Otherwise, we will be
missing out on a significant opportunity to move Nigeria forward. But in terms
of the details of those bills, everything is up for grabs.
“I can tell you, as we speak today, if they want us to keep
the current VAT formula, we’ll keep it 100 percent. So, the fact that people
keep using the problem we are trying to solve against us is what I need to
understand.”
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