The Federal Government has began the review of the National Tax Policy with the inauguration of a committee to carry out the exercise.
The Minister of Finance, Mrs. Kemi Adeosun, who inaugurated the committee at the headquarters of the ministry in Abuja, stated that the government was determined to simplify the country tax code for effective revenue generation.
She stated that one of the areas of the tax code and laws in need of review was the simplification of the processes as well as the reduction of the tax burden on small businesses.
Adeosun said the country could no longer continue to rely on oil revenue following the volatility in the global market, hence the need to look at effective ways of generating more revenue from taxes.
She lamented that despite the fact that revenue from oil accounted for about 70 per cent of the nation earnings, the sector contribution to the Gross Domestic Product was just about 13 per cent.