It’s insensitive for FG to imposes renewal of car proof of ownership – Taiwo Oyedele 

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    The Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, PwC, Taiwo Oyedele, said it is insensitive for the Federal government to introduce annual renewal of proof of ownership for cars when Nigerians are still battling with the fuel subsidy removal.

    Wakadaily reports that FG imposes an annual fee of N1,000 to be paid by all motorists across the country as Proof of Ownership Certificate (POC) verification, which is set to commence 1st of July, 2023.

    Reacting via its official Twitter page, Taiwo Oyedele said this tax is retrogressive. It is ill-conceived and poorly designed.

    He said: “According to the NBS, there are about 12 million vehicles in Nigeria. If we assume that everyone complies and pays to the government, the tax will generate gross receipts of N12 billion annually before taking into account the likely high cost of collection and possible leakages in addition to the unquantifiable time, cost, and burden of compliance by vehicle owners.

    “While this tax will not necessarily stop the earth from rotating, it is wrong both in terms of signalling from a multiple taxation perspective and in terms of timing given the recent fuel subsidy removal. To be sensitive and demonstrate empathy, the government should not impose any new or higher taxes on transportation, energy, or food which are the most impacted by the subsidy removal. The same reasons why the recent attempt to collect VAT on diesel needs to be reconsidered.”

    “The tax should be set aside in the interest of good order and to prevent setting a bad precedent. Who says we cannot be asked to also renew our birth certificates, C of O, etc. on an annual basis if this succeeds?” he added.

    Queen Ferry
    Queen Ferry
    Chinyere Treasure Ikechukwu known professionally as Queen Ferry, is a Nigerian business Executive, Journalist and Content Editor. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not blogging, she will be making delicious delicacy.

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