Federal Government begins review of tax policy

The Federal Government, yesterday, began the review of the National Tax Policy with the inauguration of a committee to carry out the exercise.

The Minister of Finance, Mrs. Kemi Adeosun, who inaugurated the committee at the headquarters of the ministry in Abuja, stated that the government was determined to simplify the country’s tax code for effective revenue generation.

She stated that one of the areas of the tax code and laws in need of review was the simplification of the processes as well as the reduction of the tax burden on small businesses.

Mrs Adeosun said the country could no longer continue to rely on oil revenue following the volatility in the global market, hence the need to look at effective ways of generating more revenue from taxes.

The Finance Minister yhat time had come for the economy to begin to take advantage of the opportunities of the 87 per cent potential in the non-oil sector through the diversification strategy of the Federal Government.