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FG approves new national tax policy


The Federal Executive Council (FEC) has approved a new National Tax Policy for the country. The policy is expected to guide the operation and review of the nation’s tax system and provide the basis for future tax legislation and administration.

The council has also set up an inter ministerial task force to urgently consider measures that would ensure a steady flow of produce to the market and reverse the rising food prices across Nigeria.

Members of the task force include the Ministers of Agriculture & Rural Development, Audu Ogbeh, Finance: Kemi Adeosun, Industry, Trade & Development: Okey Enelamah, Transportation: Rotimi Amaechi, Water Resources: Suleiman Adamu, Labour and Employment: Dr. Chris Ngige.

Acting President Yemi Osinbajo had during the council meeting yesterday expressed concern at the rising inflationary rate of food prices, noting that the task force would explore options to promote availability and affordability of food items to Nigerians.

Adeosun, who briefed State House Correspondents after the FEC meeting presided by Acting President Yemi Osinbajo yesterday, said the implementation of the policy would effect an increment in Value Added Tax (VAT) on all luxury goods.

With the implementation of the policy, which begins immediately, the ministry of finance working with other relevant agencies of government including the Federal Inland Revenue Service (FIRS) would liaise with the National Assembly to effect changes in the existing tax policy.

Minister of Information and Culture, Lai Mohammed, while also briefing newsmen said the committee hopefully is expected to report back to council next week and concrete actions would be taken.

FEC also approved the upgrade of facilities in 21 airports across the country. Minister of State Transport (Aviation) Hadith Sirika said the project would include total radar coverage system, automation and pilots briefing rooms all that were tampered with during renovation projects.

The 21 airports include Lagos, Kano, Abuja, Port Harcourt, Ilorin, Sokoto, Maiduguri, Jos, Yola, Calabar, Enugu, Owerri, Kaduna, Benin, Osubi-Warri, Katinsa, Zaira, Minna, Bauchi, Ibadan and Akure.


SOURCE: The Guardian


 

Tags: Firs  Tax  Policy  Vat  Goods