Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has expressed concerns over the declaration by the newly inaugurated United States President Donald Trump to establish an external revenue service to impose taxes and tariffs on foreign countries.
LEADERSHIP recalls that Trump stated this during his inauguration speech on Monday, announcing the creation of an external revenue service to collect tariffs from foreign countries exporting goods to the United States.
“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.
“For this purpose, we are establishing the external revenue service to collect all tariffs, duties, and revenues. It will be massive amounts of money pouring into our treasury, coming from foreign sources. The American dream will soon be back and thriving like never before, to restore competence and effectiveness to our federal government,” Trump stated.
Reacting to Trump’s statement on his X (formerly Twitter) handle, Oyedele noted that this move could disrupt international trade and further complicate the already complex global tax system.
“Today (June 20), the 47th President of the United States, Donald J. Trump, announced plans to establish an External Revenue Service to impose tariffs and taxes on other countries.
“This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms,” Oyedele said.
Regarding how Nigeria can mitigate the impact of this development on its economy, Oyedele emphasised the need for a revamped tax system.
“By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present,” he added.
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