CITN, FICAN engage NASS on tax reform bill

By Maduka Nweke

The ongoing deliberations on Nigeria’s Tax Reform Bill with the National Assembly have drawn the attention of the Chartered Institute of Taxation of Nigeria (CITN). In collaboration with the Finance Correspondents Association of Nigeria (FICAN), the institute hosted a workshop to examine the proposed reforms. While acknowledging the public’s concerns about potential economic hardships, CITN emphasised that the reforms, once implemented, would ultimately benefit the nation.

Speaking at the workshop, CITN President, Mr. Samuel Agbeluyi, expressed optimism about the work of the Presidential Fiscal Policy and Tax Reforms Committee and the Economic Stabilization Bills under review by the National Assembly.

“There is a bright light at the end of the tunnel,” Agbeluyi said, commending the Federal Government’s dedication to overhauling Nigeria’s tax system. He highlighted the government’s resolve to reduce reliance on oil revenues and foster fiscal stability through diversified revenue streams.

Agbeluyi highlighted the workshop’s importance in equipping journalists with the knowledge and tools necessary to report on tax matters professionally and accurately.

Mr. Godwin Oyedokun, Chairman of the Branding, Publicity, and Publications Committee of CITN, elaborated on the need for media engagement. He noted that the workshop was part of CITN’s broader efforts to build journalists’ capacity and dispel misconceptions surrounding Nigeria’s evolving tax framework.

“We understand the complexities surrounding taxation and the need for accurate dissemination of information,” Oyedokun remarked.

“This workshop aims to enhance your ability to inform the public effectively, particularly as the government implements significant tax reforms.”

The Tax Reform Bill has sparked debate, with concerns raised about its potential impact on businesses and individuals. Critics argue that increased tax burdens could stifle economic growth, particularly in the northern regions. Northern governors have rejected the proposed bills, labeling them as anti-democratic.

According to Mr. Oyedokun, key components of the bills include:

The Joint Revenue Board of Nigeria (Establishment) Bill, 2024

Nigeria Revenue Service (Establishment) Bill, 2024, Nigeria Tax Bill, 2024

Concerns include the perceived high tax rates, overly generous exemptions, and doubts about the capacity of tax authorities to administer and enforce the new laws. Stakeholders also fear disproportionate impacts on Small and Medium-Sized Enterprises (SMEs), which are already grappling with compliance challenges.

CITN, while supporting the government’s tax reform agenda, urged all stakeholders to rely on data-driven analyses. Mr. Agbeluyi highlighted key government initiatives aimed at alleviating the impact of the reforms, including the introduction of Executive Orders and Tax Relief Measures.

“Tax reform is never easy, but we must base our assertions on facts and figures, not fears or assumptions,” Agbeluyi stated.