New National Tax Policy Underway – FIRS

Barring any last minute delay, the Technical Committee of the National Tax Policy Implementation Committee (NTPIC) will soon present a Finance Bill and Policy Note to the Minister of Finance and Budget Planning.

Indication to this was disclosed at the second sitting of the committee, Tuesday at the Federal Inland Revenue Service (FIRS), Headquarters in Abuja, by the Deputy Chairman of the technical committee, Dr. Bode Oyetude, who said that the sub-committee would finish its work in the next 10 to 15 days.

“This is the second committee meeting we are having and we hope to bring it to a close in the next 10 to 15 days.

“We are working to put up a finance bill and policy note to the Minister of Finance, that would raise revenue and reduce the cost of doing business in Nigeria, deal with some areas of tax inequity, international taxation including profit shifting and base erosion”.

At its inauguration, Executive Chairman of FIRS, Tunde Fowler, charged the technical committee to work harmoniously to achieve the desired result.

“I charge the Chairman and members of the Technical Committee with the responsibility of accelerating the drafting and submission of a draft Finance Bill (and if deemed necessary, any draft Executive Order (s), to harmonise the various tax and excise law reform efforts. It is our expectation that the Technical Committee will work assiduously over the next few weeks to produce a singular set of fiscal measures that will be considered and approved by the reconstituted NTPIC.

“Once agreed, these fiscal measures are to be submitted to the Economic Management Team and the Federal Executive Council for approval and ultimate transmission to the National Assembly, for passage into law as part of the efforts to support the 2020 Executive Budget Proposal.”

The general committee is headed by Fowler with the Comptroller-General of Customs, Ahmadu Ali, as the Deputy Chairman, while Ambassador Adeolu Dipeolu who is also the Special Adviser to President Muhammadu Buhari on Economic Matters in the Vice President’s Office is the Chairman of the Technical-Sub-Committee.