From Noah Ebije, Kaduna
Northern Business Professionals have backed the proposed tax reform bills on grounds that the gains outweighs the disadvantages and guarantee business development.
It said bills erre overdue as they would help stimulate the economy and establish a streamlined tax administration system, free multiple taxation and reshape Nigeria’s fiscal landscape as well as drive economic growth and sustainability.
On September 3, President Bola Tinubu submitted four tax reform bills to the National Assembly for consideration, based on recommendations from the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele, to review existing tax laws.
He also asked the parliament to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
On October 28, the Northern States Governors Forum (NSGF) opposed the bills, saying it would harm the region’s interests.
The governors asked the National Assembly to reject the bills, demanding equitable and fair implementation of national policies and programmes across all regions.
The National Economic Council (NEC) also asked Tinubu to withdraw the bills to give room for consultations.
On November 1, Tinubu said the bills would not be withdrawn from the National Assembly, noting that the proposed laws were designed to improve the lives of Nigerians and optimise existing tax frameworks. But in a statement yesterday, the Northern Business Professionals said there was no basis to entertain any fear about the bills. “If anything, Nigerians will commend Tinubu for laying a solid foundation that will ensure the fiscal stability of the country,” the group through its chairman, Abubakar Mustapha Kauru, said. “When Nigerians get to know the details of the documents, they will know that President Tinubu is working to bring relief to them and their businesses.” While noting that multiplicity of taxes is one factor that has continued to impede efficiency in Nigeria’s tax system, with a negative impact, it stated that the four Executive Bills seek to tidy up the fiscal policy and legislation environment in the country.
“These bills seek to translate the recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, into an implementable legislative framework for the benefit of Nigerians.
“Though the transmission of the bills to the National Assembly sparked debates in the polity about the purpose of the bills with some persons expressing fears that it might encapsulate proposals calling for a raise in tax rates in a way that will further burden the citizens.
“There is a dire need to modernize the nation’s tax framework, the reforms in order to consolidate tax structures, unify revenue collection,promote economic development,and provide for price transparency and monitoring of publication costs and fees.
“The greatest news is that the bills seek to offer a clear and concise legal framework for all taxes and reducing disputes, thus we urge the National Assembly to pass it without delay.”
Abdulmumin Jibrin, member of the New Nigeria Peoples Party (NNPP) representing Kiru/Bebeji federal constituency, Kano State, had earlier said the tax reform bills would not undermine the north.