Taiwo Oyedele, fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers , has been named as the chairman of the committee.
Alake said the committee will comprise experts from both the private and public sectors and be responsible for various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.
”Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average,” he said.”This has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.
Adedeji outlined the key challenges in Nigeria’s tax system to include multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale and high prevalence of tax evasion.
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