Presidential committee on Tax mulls suspension of diesel VAT – Taiwo Oyedele

Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, says the federal government would consider the removal of Value Added Tax on diesel to reduce the rising cost of goods and services.

Oyedele disclosed this in his speech during the inauguration of the tax committee by President Bola Ahmed Tinubu on Tuesday at the Villa.

According to him, the government is committed to increasing its revenue without introducing new taxes.

He stated that Tinubu’s government would also consider reducing the pressure on the Naira by stopping the payment of taxes and levies in foreign currencies.

Oyedele said implementing the committees’ tax reforms, including laws to promote work opportunities in the digital space for teeming youths, would commence in 12 months.

“…These challenges further provide a platform for us to mobilize revenue without introducing new taxes, and we can respond swiftly to our most pressing needs, including measures to ease the impact of rising prices (e.g. suspension of VAT on diesel), reduce pressure on the Naira (e.g. cease the payment of taxes and levies in foreign currencies), and amend the laws to encourage remote work opportunities and foster job growth in the digital economy, especially for our teeming youth”, he stated.