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Politics

Tinubu Govt Moves To Stop Politicians Guilty Of Tax Evasion From Running For Offices

President Bola Ahmed Tinubu 1

The Bola Tinubu-led Federal Government is planning to stop politicians guilty of tax evasion from running for elective offices in the country.

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made this known over the weekend while speaking at the 2024 strategic retreat for staff of the Joint Tax Board.

Oyedele disclosed that the Executive is planning to send a bill to the National Assembly in the coming days to back up the move.

He also revealed that the federal government is planning to set up a National Tax Amnesty Programme.

Oyedele, however, admitted that the argument that the issue of tax and party membership dues arises during every major election hardly holds water.

The economist stated that the Constitution doesn’t explicitly list tax compliance as a qualification criterion.

Dangote, Mikano, 105 Companies Benefits From FG’s Tax Holiday (Full List)

A latest report by the Nigerian Investment Promotion Commission (NIPC), has confirmed that approximately 107 companies are currently reaping the benefits of the federal government’s tax exemption under the Pioneer Status Incentive (PSI) scheme for the fourth quarter of 2023.

This tax holiday initiative is aimed at fostering economic growth by encouraging investments in various sectors.

The PSI, outlined in the Industrial Development Income Tax Act, offers a tax holiday to qualified industries, allowing them to enjoy a three-year exemption from corporate income tax, with a possible extension for one or two additional years.

This incentive is recognized as a strategic measure to stimulate economic investment across different industrial sectors.

The recent NIPC report indicates a significant increase in the number of beneficiaries, rising from 83 in the first quarter of 2023 to 107 by the end of the fourth quarter.

These firms have collectively invested more than N2.49 trillion throughout the year, showcasing the substantial impact of the PSI on the Nigerian economy.

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