The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that the Federal Government, led by President Bola Ahmed Tinubu, is ready to make a compromise on the controversial Value Added Tax structure in the tax reform bills before the National Assembly.<\/p>\n
Oyedele disclosed this on Sunday during an interview with Channels Television.<\/p>\n
Recall that four tax reform bills\u2014 the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill\u2014 meant to overhaul the country\u2019s tax system, had sparked serious debate since it was sent to the National Assembly for passage in October, 2024.<\/p>\n
Speaking on Sunday, Oyedele stressed that the proposed VAT structure on Derivative Principle will benefit every part of the country, contrary to claims in some quarters.<\/p>\n
He noted that if the preference was for the current state of the Attribution Principle, then his team was willing to oblige.<\/p>\n
\u201cThat is what is non-negotiable. Otherwise, we will be missing out on a significant opportunity to move Nigeria forward. But in terms of the details of those bills, everything is up for grabs.<\/p>\n
\u201cI can tell you, as we speak today, if they want us to keep the current VAT formula, we\u2019ll keep it 100 percent. So, the fact that people keep using the problem we are trying to solve against us is what I need to understand.\u201d<\/p>\n