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Tax expert condemns multiple taxation as Senate passes NYSC Trust Fund bill

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THE West Africa Tax Leader at PricewaterhouseCoopers (PwC), Taiwo Oyedele, has flayed the President Muhammadu Buhari administration for imposing multiple taxes on Nigerians.

In a LinkedIn post today that Oyedele authored, he also tagged the ninth National Assembly of Nigeria (NASS) as “insensitive.”

The tax expert said, “The 9th National Assembly of Nigeria (NASS) will go down in history as the most insensitive to the plight of businesses regarding the multiplicity of taxes despite the difficult operating environment.

“Just the number of new income taxes alone introduced by the 9th NASS is set to exceed the number of income taxes we’ve had since independence, including Police tax; National Agency for Science and Engineering Infrastructure (NASENI) levy, and the National Youth Service Corps (NYSC) levy.

“Not even the military imposed as many taxes. We will remember this legacy!”

Taiwo Oyedele's post nysc bill
Taiwo Oyedele’s post on LinkedIn

Just yesterday, June 21, 2022, the Senate passed for concurrence, the National Youth Service Corps Trust Fund Bill 2022.

It also passed three other bills to establish the Institute of Credit Administration; Federal University of Agriculture and Entrepreneurship, Saki; and the Repeal and Re-enact of the Pharmacy Council of Nigeria Act.

The bills were sponsored by the Deputy Senate Leader, Ajayi Boroffice (APC-Ondo).

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The four bills for concurrence, from the House of Representatives, were all passed after a clause-by-clause consideration.

According to Boroffice, the NYSC Trust Fund bill is aimed at helping to address infrastructure deficits in the scheme and provide start-up capital for interested corps members to drive their business initiatives.

It would be financed with a levy of one per cent of the net profit of companies and organised private sector operating business in Nigeria, a 0.2 per cent of total revenue accruing to the federation account and any take-off grant and special intervention fund as may be provided by the federal, state and local governments of the federation.

In an earlier message, Oyedele had urged the government to harmonize the taxes and not introduce new ones that would “tax Nigerians to the death.”

Already, the Buhari administration had introduced six new taxes. They are the Companies Income Tax (CIT), Tertiary Education Tax (TET), National Information Technology Development Agency (NITDA), Police Trust Fund Levy, National Agency for Science and Engineering Infrastructure (NASENI) levy and the NYSC levy.

Author profile

Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org

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