Abdullahi Ismaila Ahmad: Nigerians’ Verdict on New Tax Reform Legislation
The National Assembly’s recent public hearings on tax reform bills received broad support from various stakeholders, highlighting the importance of these reforms. Participants included regional groups, civil society, and labor unions, who voiced their approval contingent upon addressing specific concerns. The hearings demonstrated a commitment to fostering democratic engagement and indicated a positive shift in attitudes towards the legislation, positioning it for future passage.
The recent public hearings by the National Assembly received positive feedback from a wide range of Nigerians, including regional interest groups, civil society, academia, and labor unions. Most stakeholders unanimously endorsed the tax reform bills while suggesting improvements to address existing ambiguities. The hearings marked a significant moment for the Federal Inland Revenue Service, reinforcing the principles of democracy by fostering open dialogue and idea exchange.
Tax reform remains one of the most critical issues currently facing Nigeria, attracting various viewpoints, even from unexpected groups such as faith-based organizations and student bodies. Prior to the hearings, skepticism arose regarding the bills’ progression; however, stakeholders from the North, who were initially resistant, began to offer insightful contributions.
The Arewa Consultative Forum (ACF) presented their concerns during the hearings and recommended well-planned, communicative, and strategically implemented reforms. Their concerns included the proposed structure of the Nigeria Revenue Service Board and the proposed presidential powers to exempt taxes. The ACF also critiqued the proposal concerning development levies, stating that it should consider the federal government’s budgetary allocations for key institutions.
Responses from additional northern stakeholders, including the Supreme Council for Shariah in Nigeria and the Northern Elders Forum, echoed similar sentiments regarding the proposed inheritance tax and terminology used in the bills. The Kano State Government highlighted the importance of preserving states’ constitutional rights during tax modernization efforts.
Various other organizations, including Nigeria Liquefied Natural Gas and the Fiscal Responsibility Commission, contributed to the discussions, primarily addressing technical details. Most participants agreed on the need for reform, reaffirming the viewpoint of leaders from the Federal Inland Revenue Service and the Presidential Committee on Fiscal Policy and Tax Reforms concerning outdated tax laws.
Dr. Zacch Adedeji addressed the misuse of tax waivers in the Free Trade Zone, emphasizing the negative repercussions on local businesses and government tax revenues. The hearings involved 75 stakeholders, with approximately 61 providing presentations, reflecting a commendable representation of viewpoints on the legislation.
Overall, the National Assembly has effectively gathered substantial input for the bills’ deliberations. There is a collective anticipation for the passage of the tax reform legislation, with recognition given to the National Assembly’s leadership for their commitment to advancing these essential reforms.
In summary, the public hearings on the new tax reform bills showcased strong support from diverse Nigerian stakeholders. Emphasizing the need for clarity and precision, these discussions underscored the importance of engaging multiple perspectives to enhance the proposed legislation. The impending passage of the tax reforms reflects a significant effort towards economic growth and fiscal responsibility in Nigeria, with commendations for the National Assembly’s dedication to addressing critical economic issues.
Original Source: gazettengr.com
