Fakeye Olufemi, a member of the House of Representatives, believes that self-employed small business owners and artisans, such as carpenters and taxi drivers, should be taxed.
On Wednesday, October 13, Fakeye, who represents the Boluwaduro/Ifedayo/Ila federal constituency in Osun state in the house, said this while contributing to the 2022 budget debate during the plenary session. Small businesses with yearly sales of less than N25 million are excluded from paying corporate income tax under the Finance Act 2020. (CIT).
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While pushing for businesses to be taxed, Fakeye believes that this will provide the federal government with another stream of cash to help fund the budget.
“Why I salute the honourable speaker, my colleagues herein seated, and even the senate for complying with the executive’s request that we reset the button to a January to December cycle for budget making; I believe it is reasonable to expect that if we do that — which we have done — there will be a properly timed implementation of the budget,” he said. I understand that it is simple to speak, but it is more difficult to put into practice.
If you’re going to borrow for a year to implement a project, I recommend borrowing in January, February, and March rather than borrowing or attempting to arrange borrowing in the third or fourth quarter of the year for which you want to implement.
“As far as I’m aware, and as has been said here, only two quarterly releases have been made thus far – we’re in the fourth quarter of the year.” That makes all of the efforts we put in every day to ensure that the budget is passed on time a farce. And as I become more aware of the government’s revenue shortfall, I begin to question myself, recalling that when I was younger, everyone paid taxes. Whatever your father did for a living, whether he was a farmer or a carpenter, he paid tax.
“Now we have a tendency to pardon everyone’s taxation except those who have an income where the tax is deducted from it and the remainder is paid to you.”
Our tax reform, in my opinion, should ensure that every Nigerian has an opportunity to contribute. Go out and talk to 80% or 90% of Nigerians, many of whom are self-employed and do not pay taxes.
“So, when we hear FIRS or tax organizations, even the tax joint board, broadening the tax net, why do they hesitate to find a means to make individuals pay – whether you’re a carpenter, a cab driver, or a market vendor selling rice — these people make a lot of money, but they don’t get to pay nothing.” So I believe that’s an area where I’d like to see revenue growth.”
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