The Senate Committee on Appropriations is pushing for an end to the tax waivers granted to certain corporate organizations by the previous administration.
The tax waivers and incentives are costing the country a huge chunk of revenue and something needs to be done about the situation.
Chairman of the committee, Adeola Olamilekan, the senator representing Ogun West on the platform of the All-Progressives Congress (APC), mentioned this on Wednesday during an interactive session on the 2024 Appropriation Bill, with the Minister of Finance, Wale Edun, and his counterpart in the Ministry of Budget and Economic Planning, Atiku Bagudu.
Mr. Olamilekan suggested that instead of the tax waivers, the Nigerian government should consider using a rebate system.
He also mentioned that the committee is in agreement that organizations should first make the required payments, then they can ask for rebates.
Nigerian Senate Wants an End to Tax Waivers : Ministerial Perspective
According to the Minister of Finance, Wale Edun, the fiscal policy and tax reform committee inaugurated by the federal government will examine the issue of tax waivers.
He also mentioned that the government will think about the idea of a rebate system as a substitute for tax waivers.
If anyone is granted a concessional interest rate, they will pay the normal interest, execute the transaction, and then receive a rebate.
Other members of the Senate that supported the cancelation of tax waivers to corporate organizations include the Chairman of the Senate Committee on Finance, Sani Musa, the Senator representing Niger East under the platform of APC, and the Chief Whip of the Senate, Ali Ndume.
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