The administration led by President Bola Tinubu has announced its intention to reintroduce the National Tax Amnesty Scheme in a bid to cushion the impact of the fuel subsidy removal.
This was made known by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during a two-day retreat of the presidential committee in Abuja, according to a statement issued by the spokesman of the Ministry of Finance, Stephen Kilebi.
The tax amnesty scheme offers a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods and pay the taxes due with certain benefits.
The amnesty started on July 1, 2017, and was to last for nine months, but was extended till March 31, 2018.
According to the statement, Oyedele said the Tinubu government is planning to reintroduce the National Tax Amnesty Schemes in order to cushion the effect of the fuel subsidy removal.
He also reeled out some expected deliverables from the committee which include optimum taxes; harmonized revenue collection functions and a revised national tax policy.
The statement read, “The Chairman highlighted the deliverables from the committee, which include: optimum taxes; harmonized revenue collection functions; a revised national tax policy; national fiscal framework; preparation of bills for constitutional amendment; revenue optimisation; production of a model template for sub-nationals and establishment of the national tax amnesty scheme.”