Tinubu Govt Takes Action Against Tax-Evading Politicians. The Bola Tinubu-led Federal Government is considering measures to prevent politicians found guilty of tax evasion from running for elective offices in the country.
This plan was disclosed by Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, during the 2024 strategic retreat for staff of the Joint Tax Board over the weekend.
Oyedele revealed that the Executive plans to send a bill to the National Assembly soon to support this initiative. Additionally, the federal government is considering establishing a National Tax Amnesty Programme.
Despite acknowledging that the issue of tax compliance and party membership dues arises during every major election, Oyedele pointed out that the Constitution does not explicitly list tax compliance as a qualification criterion.
In a separate development, a recent report by the Nigerian Investment Promotion Commission (NIPC) has confirmed that approximately 107 companies are currently benefiting from the federal government’s tax exemption under the Pioneer Status Incentive (PSI) scheme for the fourth quarter of 2023.
This tax holiday initiative aims to foster economic growth by encouraging investments in various sectors. The PSI, outlined in the Industrial Development Income Tax Act, offers a three-year exemption from corporate income tax to qualified industries, 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.