Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has emphasized how important good tax laws are to promoting lawful business ventures and propelling Nigeria’s progress. Speaking to stakeholders at a high-level forum on fiscal reforms and economic sustainability, Oyedele made these statements.
Oyedele contends that taxes are a necessary component of the social and economic agreement that exists between the people and the government.
According to the socioeconomic contract, taxes are the result of economic activity. Government measures, including taxation, must thus not stifle lawful economic activity,” he said.
Oyedele went on to say that developing good policy requires more than just public opinion or popularity.
“Good policies are not necessarily the result of popular opinion. “We’re not defining policy, we’re just holding a gathering,” he added. “Imagine if we have everyone at the table because we want to be inclusive, but we lack credible data.”
He underlined the need of reliable statistics in guaranteeing that government policies and tax reforms accomplish their goals without impairing the economy’s productive sectors.
Policymakers, business executives, and academics attended the event, which gave them a forum to talk about Nigeria’s fiscal future and ways to improve the nation’s tax structure while promoting economic expansion.
