Taiwo Oyedele
@taiwoyedele
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Chairman, Presidential Committee on Fiscal Policy and Tax Reforms
Lagos, Nigeria
Joined September 2010
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Last Seen Profiles
Thank you everyone for the overwhelming support. I promise to do my best!
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After over 2 decades at PwC, I have made the hard but necessary decision to exit the firm.
This is to enable me focus fully with undivided attention on my new role as the Chair of the Presidential Fiscal Policy & Tax Reform Committee, which I consider an important national…
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Good news!
If you're a low income earner on N30k p/mth or less, you're now exempted from personal income tax based on the new Finance Act. So tell your employer to stop deducting PAYE from your pay effective from this month.
Watch this space for more highlights of the new law.
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The new cash withdrawals limit will have tax implications especially for individuals and MSMEs.
As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.
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#Tax101
- Stamp duty on most rent agreements is at the rate of 0.78%, not 6% as being widely circulated. Based on the Stamp Duties Act, stamp duty on lease or rent agreement is payable as follows:
Thread
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Speech by Mr. Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms – Tuesday, 8 August 2023
Your Excellency, Commander-in-Chief, President Bola Ahmed Tinubu, GCFR; Your Excellency, the Vice President, Senator Kashim Shettima; Other senior Government…
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I join the world in celebrating Mr. Akintola Williams today as he turns 103, the first chartered accountant in Africa.
He served with integrity and made impactful contributions without a blemish.
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If you earn N3.5m p.a. or more you're in the top 1% of Nigeria's population. It's not because you're so rich, it's because others are so poor as the vast majority of Nigerians live in extreme poverty.
I just published The mystery of market size in Nigeria
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Clarification regarding the money provided by the FIRS to the Joint Tax Board to fund the activities of the Presidential Fiscal Policy and Tax Reforms Committee.
We are aware of a recent story regarding some funds transferred by the FIRS to the Joint Tax Board (JTB) for the…
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President Tinubu Sets up Committee on Tax Reforms
…names Taiwo Oyedele as Chairman
In consonance with his promise to remove all barriers impeding business growth in Nigeria, President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax…
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You may have seen an extract of my video on linking NIN to economic activities as a means of collecting data and intelligence to expand the tax net.
Expectedly the video elicited mixed reactions so I am sharing the full version for context and balance.
In summary, my key…
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I can help you with a bit of education. I was going to ignore this but for the sake of your innocent followers you wish to mislead.
A 20% tax was never introduced or even proposed by the government. It was N20 per liter which was later approved at N10 per litre on soft drinks,…
The right thing for
@PwC_Nigeria
&
@taiwoyedele
to prevent a scandal is to disclose all their conflicts of interest. A firm and partner that consults and openly lobbies on behalf of industry against government taxes shouldn’t design fiscal policy. You can’t be player and referee
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Good news! President Tinubu has signed various executives orders to ease some of the tax burdens on businesses and individuals including:
1. Customs, Excise Tariff (Variation) Amendment Order, 2023 to:
a) Postpone the commencement date of the Fiscal Policy Measures as…
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We have curated the 10 most frequently asked questions about the Presidential Fiscal Policy and Tax Reforms Committee. I am glad to say that we are making progress with our work and on track to meet our deliverables on time according to plan.
Q1 - What exactly is the…
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QUICK WINS REPORT
The Presidential Fiscal Policy and Tax Reforms Committee was set up by President Bola Ahmed Tinubu to review and advise on reforms to shape Nigeria's fiscal policy and tax system.
The Committee’s terms of reference covers Fiscal Governance; Revenue…
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This tax is retrogressive. It is ill conceived and poorly designed. Apart from the payment which seems to be solely for revenue generation, and perhaps more for non state actors than for the government, it is illogical to have to prove annually that you own a vehicle for which…
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10 major implications of Naira exchange rates unification
With the Nigerian Naira now exchanging in the official forex market at market determined rates, a significant market distortion has been removed. Expectedly this will come with both positive and negative implications.…
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I am a year older today and a decade wiser!
To be alive is a blessing but it only counts to the extent that you choose to live everyday to the fullest regardless of what life throws at you.
#gratefulheart
#happybirthday2me
#happyfathersday2023
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Just to put this in context, Elon Musk's $11 billion tax bill exceeds the aggregate personal income tax collected by all 36 states in Nigeria over the past 5 years.
Lesson: A government is only as rich as its people.
For those wondering, I will pay over $11 billion in taxes this year
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Fortified @ 45!
It’s my birthday and I am super grateful:
to God, for His goodness;
to my family, for accepting my imperfections;
to my friends, for always being there for me; and
to everyone else, for making my world go round.
We are just getting started
#BetterDaysAhead
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Here is the video of my recent interview on Channels TV for anyone who is interested in the key messages beyond the headline.
Hopefully, the viral headline about training "Area Boys" as tax collectors will motivate more people to watch this and take an interest in the ongoing…
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Reduction of import duty on Tractors from 35% to 5%; Mass transit vehicles for transport of more than 10 persons and Trucks from 35% to 10%, and reduction of import levy on Cars from 30% to 5%.
You should pay less when importing or buying an imported car.
#FinanceAct2020
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Here is the summary of stamp duty payable on rent. Don't pay for ignorance.
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The Finance Act 2020 has been published in the official Gazette. You can download a copy here and show any agency who claims ignorance of its content.
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PUBLIC NOTICE
CALL FOR MEMORANDA ON FISCAL POLICY AND TAX REFORMS
The Presidential Fiscal Policy and Tax Reforms Committee was set up by President Bola Ahmed Tinubu, GCFR to review and advise on reforms to shape Nigeria's fiscal policies and tax system. In this regard, the…
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There has been an uproar about the new
#CAMA2020
and regulation of NGOs. Let’s look at what the law says.
Thread
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*We are NOT recruiting area boys to collect taxes*
- Taiwo Oyedele
You cannot recruit a person to do the job they are already doing, whether they are legally engaged or otherwise.
We have over 40 taxes and levies which States and Local Governments are authorised by law to…
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We’re hiring!
PwC Nigeria’s Graduate Recruitment process has commenced.
Apply here before 25 April 2021 if you’re eligible
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It's my birthday!
I am grateful for the journey of the past year and excited for the new experience in the year ahead.
Happy birthday to me!
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Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PwC shares his perspectives on the executive orders bothering on various tax changes recently signed by Nigeria's President Tinubu.
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Nigeria’s Finance Act 2023
More parting tax changes by the last administration have emerged. The former President, Mohammadu Buhari signed the Finance Bill 2023 into law on 28 May 2023, the eve of his last day in office with an effective day of 1 May 2023. Below are the top…
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PUBLIC CONSULTATION EVENTS ON FISCAL POLICY AND TAX REFORMS
We are pleased to announce the commencement of our public consultation and stakeholder engagement events. Use the link below to register.
Registration for stakeholder events:
Based on requests…
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According to the World Economic Forum, these are the top 10 most-in-demand skills for 2023 and beyond:
1. Analytical thinking
2. Creative thinking
3. Resilience, flexibility and agility
4. Motivation and self-awareness
5. Curiosity and lifelong learning
6. Technological…
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May the light of true freedom shine bright on our nation, guiding us into a harmonious present and a prosperous future.
Happy Independence Day, Nigeria!
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We have a problem but the call to
#EndSARS
is NOT the solution. Here is why.
SARS stands for Special Anti-Robbery Squard. It is a unit under the Criminal Investigation and Intelligence Department (CIID) of the Nigeria Police.
Thread ...
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In case you’re wondering what FG is saying, this is in connection with the commencement of automatic exchange of taxpayers information between Nigeria with other countries.
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How do you operate a business as a monopoly, selling a product that is the number 1 imported item in a country of 200m people yet you make billions in losses?
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Kudos to Ibom Air, we almost gave up that Nigerian Airlines cannot always be on time even if they wish to (like there's some witchcraft in the aircrafts). Surprisingly, I've flown Ibom Air 5 times in the past few weeks and they've been on time everytime.
#CompetitiveAdvantage
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*Streamlining multiple taxes in the informal sector and tackling unorthodox methods of collection*
Engaging the public in fiscal policy reforms is crucial, so we seize every opportunity to share our plans, and our thought process, provide clarifications and address areas of…
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We paid a courtesy visit to the Vice President, His Excellency, Senator Kashim Shettima to kick off our engagements.
We are humbled by the trust and high level of confidence expressed in our committee to help shape the fiscal direction for Nigeria. We are also encouraged by the…
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President Buhari’s parting tax gift to Nigerians
The Federal Government of Nigeria has introduced new Fiscal Policy Measures (FPM) for 2023 via a Circular dated 20 April 2023 signed by the Minister of Finance, Budget and National Planning. Below are some of the highlights:
1.…
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As part of our ongoing fiscal & tax reforms, and based on inputs from our consultations & public engagements, we are revising our National Tax Policy. We have also drafted new tax laws & submitted proposals for amendments to the Constitution to address various fiscal issues.
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Effective 1st Jan 2021, commercial flight tickets have been exempted from VAT.
Next time you fly, cross check that you're not wrongly charged VAT (and hopefully air fares should come down).
#FinanceAct2020
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It's been 10 amazing years. Thank you my love for accepting this village boy and nurturing him into an icon. We're just getting started.
Love you plenty my darling wife.
#MyQueen4Life
#HWA
to us.
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At 57%, Nigeria ranks
#1
in the world as the country where people spend the most of their household income on food. It is not that we eat too much, it is because we earn so little. At about 6% Americans spend the least on food.
2019 Household consumption expenditure report has been published @ : National expenditure on major food and non food categories in 2019
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@eadewunmi
@PwC_Nigeria
I can help you with a bit of education. I was going to ignore this but for the sake of your innocent followers you wish to mislead.
A 20% tax was never introduced or even proposed by the government. It was N20 per liter which was later approved at N10 per litre on soft drinks,…
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How does one explain it to a child without sounding stupid that Nigerian govt pays trillions to subsidise petrol but people have to endure long queues to buy it at near market price fueling inflation & economic hardship against the very reason for the subsidy in the first place?
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Plan A - Nigeria
Plan B - Nigeria
Plans C - Z (same as above)
We will overcome and this time also shall pass!
It’s important to always remember that the vast majority of Nigerians are incapable of alternative plans even if they wish to.
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Is Nigeria really a cash economy?
In a strict sense, cash is used to describe notes and coins issued by the Central Bank, as distinct from cheques, bank deposits or credit. Let’s call it currency or "Hard Cash".
Thread...
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Rather than reduce pump price now and then worry about increasing it later when oil prices recover, why not just do away with price modulation once and for all? This is an example of not 'wasting a crisis'.
ANNOUNCEMENT: The official Price of Petrol in Nigeria is now N125 per Litre. A Price Modulation Mechanism is being introduced, to be managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.
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The new law clarifies that land & building are not taxable goods for VAT purposes. This means no VAT on transfer of land or purchase of a house.
Impliedly, it also means no VAT on house rent on lease of real property whether residential or commercial.
#FinanceAct2020
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This VAT initiative should be commended but it needs some safeguards to prevent abuse.
The social contract between the government and the people requires that every taxable person pays their taxes while government must apply the revenue collected for the benefit of the people.…
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3 weeks ago at the inaugural workshop of the Presidential Fiscal Policy and Tax Reforms Committee. The love for country was palpable, a reassurance that the task ahead may be difficult but nonetheless achievable.
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According to NDIC, only 2% of the 70 million bank account holders have more than N500,000 in their accounts. This translates to only 1.4m people which is less than 1% of the population meaning even some of the people in the top 1% can’t save. They live from hand to mouth.
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The Finance Act 2020 was signed into law on 31 December 2020 and comes into effect on 1 January 2021. The new law introduces over 80 changes to 14 different laws that will affect all stakeholders.
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Q8 - Is it true that agencies with revenue collection functions will be stopped from collecting revenues and merged with the FIRS?
A8 - No agency has been stopped from collecting revenue as many of them are empowered to do so by law. However, many of the agencies would rather…
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This is a good performance for which the FIRS should be commended. The total revenue of N10.1 Trillion is 58% above the N6.4 Trillion collected in 2021.
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If the lease term is less than 7 years, stamp duty rate is 0.78% (e.g. N780 on N100k rent)
For a term of 7+ to 21 years, stamp duty rate is 3% (means N3k for N100k rent)
For a term above 21 years, stamp duty rate is 6% (e.g. N6k for N100k rent)
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"As a nation, we can not aspire to be competitive while at the same time burdening businesses with complex processes. We must cease taxing seeds and, instead, foster an environment that encourages businesses to thrive, bearing fruits that we can tax." - Taiwo Oyedele…
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The number of income taxes alone introduced by 9th
@nassnigeria
is set to exceed the number of income taxes we had since independence notably:
• Police tax
• NASENI levy
• NYSC levy
Not even the military imposed as many taxes.
We will remember this legacy!
#stopearmarktaxes
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You will find this Nigeria tax summaries publication useful
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Given that most people enter into rent agreements for less than 7 years, the applicable stamp duty rate to most people will be 0.78%.
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We had a productive engagement with the Honourable Minister of Arts, Culture and Creative Economy with her team. We explored relevant policy reforms to boost growth in the sector and position Nigeria as a globally competitive creative powerhouse.
What reforms would you…
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#Watch
my recent interview with the legendary Cyril Stober. I shared some insights on the work of the Presidential Fiscal Policy and Tax Reforms Committee including what you should expect among other key issues.
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Effective from today, you will pay a huge fine for cash deposit or withdrawal above N500k individual or N3m corporate in Abia, Abuja, Anambra, Kano, Lagos, Ogun or Rivers State. Rest of the country will take effect from 31 March 2020.
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10 lessons for Nigeria from India’s demonetization policy
1. In 2016, the Indian government made a surprise announcement of the withdrawal of the country’s two highest denominations (Rs 500 & Rs 1,000)
...
Photo credit: Forbes
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The obligation to pay stamp duty on rent rests with the tenant. However, FIRS is seeking to appoint the landlord as the agent to collect and remit the tax.
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If you are an individual renting from another individual, your stamp duty is payable to the state tax authority such as LIRS if you are resident in Lagos. If either the tenant or the landlord is a company, then the duty is payable to FIRS.
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While it is true that many employers of low income earners do not deduct PAYE, they become vulnerable to extortion by unscrupulous tax officers during tax audits. So this exemption addresses the problem for small business owners.
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The key changes include taxation of cryptocurrency, deduction of capital losses, repeal of investment allowance on assets, and expansion of excise duties to all services including telecommunications. Effective date expected to be 1st Jan 2023.
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During our recent visit to the Ministry of Budget and Economic Planning, we had very productive engagements with the Honourable Minister and his team.
We identified critical areas for fiscal reforms, including the budget structure, measures to improve productivity and enhance…
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Thank you for your engagements and feedback in 2023. As we step into 2024, we remain committed to building a fairer and more transparent fiscal system that benefits all.
Stay tuned for updates on our initiatives and implementation of policies for a prosperous 2024 and beyond!…
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The Lagos state govt has introduced the “Lagos State Infectious Diseases (Emergency Prevention) Regulations 2020”. It was signed and became effective from 27 March 2020.
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You can watch my interview with the TADAT Secretariat on the work of the Presidential Fiscal Policy and Tax Reforms Committee.
One of the deliverables we hope to complete by the end of the year include a new Withholding Tax regime that is simple, unambiguous and reduces the…
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May your prayers be answered, may your joy be full, and may your blessings be abundant.
Happy Eid-al-Fitr!
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We commenced our engagements with subnational governments with a courtesy visit to the governor of Lagos state, Mr. Babajide Sanwo-Olu.
We had very productive discussions with Mr. Governor and his team. We are excited by the prospect of what is possible through collaboration,…
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Data surfaced by LinkedIn from 20+ million jobs revealed the 15 most in-demand soft & hard skills. The study looked at the skills that are in highest demand (based on hiring rate) relative to the supply of people who have those skills.
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1. SARS should focus on violent crimes only, their mandate should exclude cybercrime. Fighting internet fraud requires brain not gun.
2. Ban SARS officers from checking phones, laptops, or looks. It is not a crime to look good.
3. Mandatory use of bodycam by personnel of SARS.
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Don't miss the opportunity to be heard!
We thank everyone who has so far responded to our call for memoranda. Your inputs are important to us.
Please take advantage of this window if you intend to make a submission but have yet to do so. We still have one week left.
The next…
PUBLIC NOTICE
CALL FOR MEMORANDA ON FISCAL POLICY AND TAX REFORMS
The Presidential Fiscal Policy and Tax Reforms Committee was set up by President Bola Ahmed Tinubu, GCFR to review and advise on reforms to shape Nigeria's fiscal policies and tax system. In this regard, the…
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5 lessons from Adesina’s historic re-election as AfDB president with a 100% votes.
Thread
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This will trigger various tax obligations including:
Income tax
If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, ...
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Nigeria’s tax system is in a bad shape, which is set to get worse with the recent developments. To find the right solutions we must correctly define and properly situate the underlying issues to avoid misdirected prescriptions.
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Join me for a virtual mentoring session this Saturday.
Topic: Strategy to enhance your career in 2024 and beyond
Date: Saturday, 20 January 2024
Time: 6.00pm - 7.30pm (WAT)
Spaces are limited to 100 participants on a first-come, first-served basis.
Register here:…
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Image from my Covid-19 compliant birthday celebration yesterday.
With gifts from my kids - baloons, handmade cards and a crown.
Who says a crown must be worn with regalia 🤷♂️🤷♂️
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I was the guest on Channels TV Sunrise Daily on Monday 11 September 2023 to discuss the progress so far made regarding the work of the Presidential Fiscal Policy & Tax Reforms Committee and what Nigerians should expect and the timelines.
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States IGR declined in 2020, first time in many years, no thanks to Covid-19.
Lagos alone generated more IGR than the bottom 28 states combined.
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When we discriminate based on gender, ethnicity or race, religion, social class, beliefs or ideology, we limit our possibilities.
When we embrace diversity, we experience humanity at its finest and unleash the power of many.
#WiseUp
#EmbraceUnity
#WeAreStrongerTogether
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Is
#EndSARS
the solution?
Yes, if it's symbolic for a movement to end police brutality but literally it won't solve the problem. We need more than ending
#SARS
.
#ReformNigeriaPolice
#EndPoliceBrutality
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I gave this speech last year before
#CAMA2020
. Good governance, accountability and transparency are godly virtues religious institutions must embrace.
Is there anything govt is asking the church to do in Nigeria that is out of this world?
Should churches be responsible & accountable to govt & to their people?
If you have nothing to hide you have no reason to hide.
@taiwoyedele
Like, share & visit
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I celebrate you today and everyday. Happy birthday to my lovely queen.
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We had 17 different consultation sessions with over 40 sectors and groups. Below is the syndicated video which gives an overview of the discussions and responses to some of the top questions asked by participants.
#Watch
#Nigeria
#FiscalPolicy
#TaxReforms
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3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.
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I have a radio interview in Yoruba. How do I say “GDP” and “recession”? Google Translate has no answer for GDP and says “recession” is “ipadasehin”. I wonder if there is a translation that’s more apt.
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To be rich, government must create the enabling environment for its citizens to prosper. Tax is effectively how government shares in the prosperity of its people and enterprises.
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