Tax reforms committee gives advice on customs duty exchange rate
Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele
Tax reforms committee gives advice on customs duty exchange rate
Nike Popoola
The Presidential Fiscal Policy and Tax Reforms Committee has advised the Federal Government to adopt an exchange rate of N800 per dollar in the computation of Customs import duty.
The Chairman of the Committee, Taiwo Oyedele, disclosed this during a public consultation workshop for journalists and public analyst in Lagos on Thursday.
He noted the impact that the exchange rate volatility on the naira was having on the customs import duty.
Oyedele said, “When we did the budget, we said naira to the dollar would be N800, now it is N1,000/$ or something. People need to plan. “We are saying, can you please sign an order that says N800/$ should be used. So, we have proposed N800.”
In his presentation, he also noted that many Nigerians live in multidimensional poverty, due to lack of decent job, poor living standard, lack of access to health care, education, and basic infrastructure.
He said, “In addition, many individuals are vulnerable to social and economic obstacles in the form of oppression, abuse, exploitation, harm, or attack, either physically or emotionally.
“Persons most affected include women, children, the aged, immigrants, low-income earners, persons with disabilities, small business owners among others.
“Tax should not be designed, imposed or administered in a manner that aims at the poor and vulnerable population as the sole or primary target. Instead, tax and fiscal policies shall be designed to empower and provide social support for the poor and vulnerable persons.”
