From Sola Ojo, Abuja
Experts and stakeholders at a roundtable discussion organized by the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture (KADCCIMA) said they are partially opposing President Bola Tinubu’s proposed tax reforms because it may lead to national collapse if not carefully implemented.
As the debate over the tax reform bills continues, one thing is clear: the fate of Nigeria’s economy hangs in the balance.
These concerned Nigerians of Northern extraction made their position known in a communique signed by the President of KADCCIMA, Ishaya Idi, after a one-day roundtable discussion on the nitty gritty of the controversial bills.
The communiqué, highlighted several concerns, including the lack of transparency and consultation in the formulation of the tax reform bills.
The communique emphasized the importance of learning from historical trends to design fair and effective tax reforms that would be beneficial to all.
It also stressed the need for the government to be open to both positive and negative criticism regarding the policies.
One of the key points discussed was the timing of the tax reforms. With the country still reeling from the removal of fuel subsidies and the ongoing increase in prices of goods and services, the Communiqué argued that this is not the right time to implement the reforms.
The document recommended a balanced and inclusive approach to prevent unintended negative consequences, particularly in economically diverse regions.
Other recommendations included fostering an environment that welcomes both positive and negative feedback on the tax reforms, using artificial intelligence and expert advice to gather data and analyze tax trends, and reviewing the old tax allocation system to ensure a more balanced and transparent distribution of national revenue.