By Anastasia John E .
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that illicit funds in Nigeria, such as laundered money or proceeds of crimes, will now be subject to taxation under the new tax reform bill.
Speaking during an X space event hosted by Nairametrics in collaboration with Business Day, BudgIT, and CODE, Oyedele highlighted that the government will utilize data and intelligence reports to track illicit funds of Nigerian citizens and tax them accordingly.
He mentioned the implementation of a “voluntary disclosure program” where individuals will have the opportunity to declare the source of their funds, whether legal or illegal, before facing scrutiny from the authorities.
Oyedele emphasized that the expansion of the tax net to include proceeds from criminal activities will not only help generate revenue for the government but also aid in the fight against corruption.
Furthermore, the tax bill includes provisions for an Ombudsman to ensure fair treatment of taxpayers and prevent overtaxation.
While the bill offers relief for low-income earners and small businesses, it is facing opposition from political stakeholders in the Northern region of the country. Despite resistance, the government is pushing forward with the tax reform to promote transparency and accountability in Nigeria’s financial system.
