Tax compliance to get boost from ‘Data4Tax’ technology — Oyedele

…As HBSAN announces new board members

By Sodiq Adelakun

The Chairman of the Presidential Committee and Fiscal Review, Mr Taiwo Oyedele has proposed measures to address duplication of functions in the public service and improve public financial management.

Oyedele shared these proposals during a lecture organised by the Harvard Business School Association of Nigeria (HBSAN) in Lagos on Thursday.

One of the measures highlighted by Mr Oyedele is the use of technology called ‘Data4Tax’ to expand the tax net. This technology will help in identifying potential taxpayers and increasing tax compliance.

The committee recommended raising the personal income tax exempt threshold and personal relief allowance.

Additionally, they proposed allowing taxes and levies to be paid in Naira to support Nigerian businesses and alleviate the impact of foreign exchange fluctuations.

He further stressed, “To promote global employment opportunities for Nigerians based in Nigeria, the committee plans to remove impediments that hinder such opportunities.

“In terms of fiscal policies, the committee recommends the suspension of Value Added Tax (VAT) on diesel and tax waivers on Compressed Natural Gas (CNG), CNG conversion, and renewable energy items.

“This is aimed at encouraging the use of cleaner energy sources. The committee also proposes a fiscal review of 43 items that are currently banned from accessing foreign exchange in the official market.

“This review will help determine if any adjustments need to be made. To simplify the Withholding Tax Regime and ease the pressure on the working capital of businesses, the committee suggests implementing reforms.”

In the same vein, HBSAN introduced its newly appointed board members during a press conference. Led by the newly inaugurated President, Mr. Collins Onuegbu, the board consists of several executives, including Mrs. Florence Okoli as the Vice President.

Other members of the board include Dr. Mayowa Afe, who will serve as the General Secretary, Mrs. Henrietta Ugboh, who will handle the responsibilities of the Financial Secretary and Treasurer, and Dr. Blessing Ayemhere, who will serve as the Programs Secretary.

Additionally, Mrs. Funmi Lanre-Phillips will take on the role of Communications Secretary, Dr. Ehizojie Ohiowele will serve as the Membership Secretary, Mr. Sarki Ayonote will be responsible for the Abuja Chapter Executive, and Mr. Akinseye Akinola will handle Partnerships & Student Liaison.

All board members have expressed their commitment to upholding the association’s vision and working towards its goals. Recall that the new board was inaugurated on 22nd October, 2023.

The President, Collins, who has served on the association’s board in different capacities, and was vice president to his predecessor, Simi Nwogugu is joined on the board by other seasoned graduates and alumni of Harvard Business School, including Florence Okoli, GMD Eraskorp Nigeria Limited; Henrietta Ugboh, managing director of Norwiche Limited; Mayowa Afe, managing director of Danvic Petroleum International.

While giving his speech, he said, “The Harvard Business School Association of Nigeria has been in existence for the past 40 years, we have our 4th year anniversary and for the past 40 years we’ve made an incredible contribution to the growth of Nigeria.

“Our founding members also were founding members of the Nigerian Economic summit group where they founded the group, till the group stood up to advocate for the private sector.

“We are happy as a board that we inherited a legacy of people who have served the nation in various aspects and as members of the most elite business school in the World.

“We want to tell our members that this new board will serve and make the country better.

“One of the most critical issues in which the Government is introducing a new tax regime that can influence all businesses, was one of the major reasons for bringing an expert like Mr Taiwo Oyedele on board.”