Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oloyede, has denied rumours that he proposed a reduction in the federal government’s share of revenue from the Federation Account Allocation Committee (FAAC).
Reacting to the reports on his verified X handle, Oloyede maintained that the committee’s recommendation was explicitly concerned with Value Added Tax (VAT).
According to the report, the tax committee recommended that the federal government should get only 10 per cent of the total FAAC allocations, allowing states and local governments to share 90 percent
“We did not recommend a reduction in the federal government’s share from the federation account,” Oyedele said.
“Our recommendation is in respect of VAT revenue, to increase the share of states and local governments from 85% to 90% and for states to discontinue with their other forms of consumption taxes…
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