Tinubu-Led Government To Bar Politicians Guilty Of Tax Evasion From Running For Elective Offices

 

• Tinubu-led Government plans to bar politicians guilty of tax evasion from running for elective offices.

• Taiwo Oyedele reveals the government’s intentions at a strategic retreat.

• Nigerian Investment Promotion Commission reports a rise in companies benefiting from tax exemption under the Pioneer Status Incentive scheme.

EKO HOT BLOG reports that the Bola Tinubu-led Government intends to prevent politicians found guilty of tax evasion from contesting elective offices in the country.

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, revealed this during the 2024 strategic retreat for staff of the Joint Tax Board over the weekend.

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Oyedele announced that the Executive plans to present a bill to the National Assembly soon to support this initiative. Additionally, he disclosed the government’s intention to establish a National Tax Amnesty Programme.

However, Oyedele acknowledged that the argument suggesting tax and party membership dues issues arise only during major elections holds little merit.

The economist stated that the Constitution doesn’t explicitly list tax compliance as a qualification criterion.

A latest report by the Nigerian Investment Promotion Commission (NIPC), has confirmed that approximately 107 companies are currently reaping the benefits of the federal government’s tax exemption under the Pioneer Status Incentive (PSI) scheme for the fourth quarter of 2023.

This tax holiday initiative is aimed at fostering economic growth by encouraging investments in various sectors.

The PSI, outlined in the Industrial Development Income Tax Act, offers a tax holiday to qualified industries, allowing them to enjoy a three-year exemption from corporate income tax, with a possible extension for one or two additional years.

This incentive is recognized as a strategic measure to stimulate economic investment across different industrial sectors.

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The recent NIPC report indicates a significant increase in the number of beneficiaries, rising from 83 in the first quarter of 2023 to 107 by the end of the fourth quarter.

These firms have collectively invested more than N2.49 trillion throughout the year, showcasing the substantial impact of the PSI on the Nigerian economy.

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