Oyedele calls for low corporate tax rates to stimulate investment

The Chairman of the Presidential Committee on Fiscal and Tax reforms, Taiwo Oyedele, has called for lower corporate tax rates to stimulate investment and economic growth.

Oyedele made the call during a public lecture as part of activities to mark his 50th birthday celebration held in Abuja.

He highlighted the need for an orderly tax system to avoid chaotic taxes that disproportionately impact the poor.

He stated that “The tax reform measures include full income tax exemption for over 1/3 of Nigerian workers, higher exemption thresholds for small businesses, and zero-rating essential consumptions.”

He explained the importance of credible data, inclusive policies, and investing in people.

He harped on the need to refine the tariff system to reduce rates on raw materials and intermediate products to lower input costs.

“We have priority sector incentives, boosting exports and providing tax relief to prevent public transition for Nigerian businesses operating internationally. Others are changes to income class laws to attract remote work opportunities, enabling Nigerian youths to thrive in the digital economy.

“The government should focus on doing only what the private sector will not do, and collect the least amount of tasks in doing so without compromising the required minimum quality standard. The government should be intentional regarding noninflationary spending priority and quality of spending.

“After all, that is the essence of the socio-economic contracts the people must seek first to understand because ignorance compounds vulnerability and steals opportunities, we must think independently, ask questions, engage and, most importantly, criticise constructively with the sole aim to build not to tear apart our nation,” he emphasized.