Saturday, June 15, 2024
spot_imgspot_imgspot_imgspot_img
HomeNewsFG Moves To Remove Taxes On Raw Food Items Soon- Chairman JTB

FG Moves To Remove Taxes On Raw Food Items Soon- Chairman JTB

The Chairman of the Joint Tax Board (JTB), Muhammad Nami, on Monday, said the Federal Government will soon end taxes on tomatoes and other raw food items.

ALSO READ: Governor Uba Sani signs new bills into law

Nami stated this at the 153rd JTB meeting with the theme: “Harmonisation and codification of taxes at national and sub-national levels, the key to achieving tax-friendly environment in Nigeria” in Abuja.

He said ending taxation on the ” non-taxable item” was part of the proposed tax reforms of the President Bola Tinubu-led administration.

“For the informal sector, we do not want goods and services that are not taxable to be taxed.

“We will have an enumeration on the sector to ensure that those that are trading in goods like tomatoes and other raw food items are not made to pay taxes.

“Also, those that are not making up to N25million will not be allowed to pay Company Tax or Value Added Tax (VAT),” the chairman said.

Nami, who is also the Executive Chairman, Federal Inland Revenue Service (FIRS), said President Tinubu is also determined to harmonise taxes and end multiple taxation in the country.

“We are lucky to have a new administration that has from day one indicated interest in eliminating multiple taxation.

“The implication is that what we call informal taxes, black taxes or whatever name it is called either at the federal, state or local government levels, will be eliminated.

“This is to encourage investment and to raise revenue generation.“The move has become necessary because the irony is that the more taxes we have the less revenue we generate,” he said.

The chairman noted that the harmonisation process, would further reduce the number of taxes, block leakages as well as boost revenue generation.

Nami said : ” Once multiple taxation ends, there will be funds at all tiers of government to build roads, schools and hospitals and to secure lives and property.

“This is not another promise that will not be fulfilled; government has announced the constitution of a committee already.”

The chairman said he recently attended the National Executive Council (NEC) meeting to speak with governors for their support to end tax multiplicity.

“There will be lots of sensitisation on this for seamless payment of taxes.

” This will also help with ease of doing business while making tax environment friendly.

“People pay all manner of taxes; some legal and others illegal. Unfortunately, not all the monies go into government coffers.

“Some of the taxes go to the federal government and others do not.

“So, the essence of our gathering today is to harmonise all the collections such that you know what to pay and where to pay to,” Obomeghie said.

Mr Taiwo Oyedele, Chairman, Presidential Fiscal Policy and Tax Reforms Committee, said about nine types of taxes were paid to the Federal Government.

He said state and local government councils receive much more taxes than the Federal Government, describing the situation as overwhelming to businesses.

Oyedele said the harmonisation process would go a long way in reducing corruption, tax evasion, among others.

CULLED FROM VANGUARD

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

sildenafil generic australia on Abandoned IDP Camp Discovered In Kaduna
Daniel Grace on WORLD DOWN SYNDROME DAY
Danjuma Saddiq on THE CONSPIRACY IN SOKOTO
Yakkon Damaryam on The War against Glaucoma
Shehu Danbaki on IMG-20181125-WA0070
Seth Yamusa on Hon Danjuma Peter Averik
Ibraheem Awowole on MEET OUR PATHFINDER FOR OSUN 2018
Amb. Hoom'Suk. on Sarauniya Beauty Pageant 2017