The Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) set up early this year by President Bola Tinubu has hinted of plans to revolutionise Nigeria’s tax system, exempting 95% of the informal sector from all taxes.Chairman of the Committee, Taiwo Oyedele, who disclosed this to newsmen at the weekend at the end of the close-out retreat of the PFPTRC in Abuja, stressed that the move was aimed at reducing the burden of multiple taxation on small businesses and low-income individuals.

According to him, the informal sector was populated by citizens working hard to earn a legitimate living, emphasising that in the eye of the committee, people in the category should not be over-burdened with taxation, but rather supported to grow economically to a point where they could fit into the more affluent categories before imposing taxes on them.