The Nation Newspaper Fed Govt unfolds forex, tax, jobs, investment policies
260 taxes to be slashed to single digit •Merging of BDCs, forex apps, dealers into official FX marketThe Taiwo Oyedele-led Presidential Fiscal Policy and Tax Reform Committee got the presidential stamp and the directive to present the proposals to the
The committee also wants the government to implement forward contracts for the importation of Premium Motor Spirit as a short-term solution while waiting for improvements in key economic indicators.Taxation: The committee suggested to the Federal Government the resolution of the contentious issue of multiple taxation.
Personal Income Tax: The committee would like to see an increase in the threshold at which personal income tax is applicable and allow for a higher personal relief allowance, which would reduce the tax burden on individuals. Waiver of Penalties and Interests: Oyedele and his team are advocating the granting of waivers on penalties and interest charges for taxpayers who fully settle their outstanding tax liabilities before December 31, 2023. This will incentivize tax compliance.
Forward Contracts for PMS: Implementing forward contracts for the importation of Premium Motor Spirit as a short-term solution while waiting for improvements in key economic indicators is another demand made by the committee.Discontinuing the foreign exchange verification portal and relaxing the requirements for certificates of capital importation and export proceeds restrictions will potentially make foreign investment and forex transactions more accessible.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Forex crisis: Fed Govt to inject $10b in weeksThe Nation Newspaper Forex crisis: Fed Govt to inject $10b in weeks
Read more »
‘Fed Govt’s partnership with private sector to enhance growth’The Nation Newspaper ‘Fed Govt's partnership with private sector to enhance growth’
Read more »
Fed Govt, experts seek action on climate changeThe Nation Newspaper Fed Govt, experts seek action on climate change
Read more »
Lagos govt fumes as restaurant breaks seal after flouting environmental ordersThe Nation Newspaper Lagos govt fumes as restaurant breaks seal after flouting environmental orders
Read more »
Ondo 2024: Why Akeredolu’s legacies must be protected, by Ondo govtThe Nation Newspaper Ondo 2024: Why Akeredolu's legacies must be protected, by Ondo govt
Read more »
FAAC shares N903.480bn to Fed, States, councils for September 2023The Nation Newspaper FAAC shares N903.480bn to Fed, States, councils for September 2023
Read more »