Northern Business Professionals lists gains of Tax reforms

Northern Business Professionals have backed the proposed tax reform bills on grounds that the gains far outweighs the disadvantages and guarantee business development.

According to group , the tax reform bills are long awaited as they will help to stimulate the economy and establish a streamlined tax administration system; free multiple taxation and reshape Nigeria’s fiscal landscape aa well as drive economic growth and sustainability.

The President had on September 3, 2024 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.

In a press statement made available to Kaduna journalists today , the Northern Business Professionals said, there is no basis to entertain any fear about the bills. Adding” If anything, Nigerians will commend Tinubu for laying a solid foundation that will ensure the fiscal stability of the country.

In the statement signed by Mal. Abubakar Mustapha Kauru ,they gave assurance that ,”When Nigerians get to know the details of the documents, they will know that the president 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.

Adding,”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 transimission of the bills to 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.”

However it explained: “There a dire need to modernize the nation’s tax framework, the reforms in order to o 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.”