Ensure Tax Reform Bills Benefit Nigs – Maikyau

Former President of the Nigerian Bar Association, Yakubu Maikyau, has urged the National Assembly to ensure the proposed tax reform bills benefit Nigerians and improve their lives.

Maikyau made the call at the end of a public hearing on the Tax Reform Bills, organized by the house committee on Finance Chaired by James Faleke.

The bills are the Nigerian Tax Bill, Nigeria Tax Administration Bill, Joint Revenue Board Bill, and the Nigeria Revenue Service Bill.

He emphasized that Nigerians expect the bills to provide prosperity and empowerment, recognizing their sacrifices and allowing them to contribute to the country’s economic development.

According to him, the bills aim to address challenges of multi-layered taxation, consolidate various frameworks relating to taxation, expand the country’s tax base, generate sustainable revenue streams for national development, and enhance tax compliance.

Also speaking, the Comptroller General, Nigeria Customs, Service, Adewale Adeniyi alleged that companies operating in Nigeria’s Free Trade Zones are violating laws governing their operations by conducting business in customs areas.

In his remarks, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms,
Taiwo Oyedele commended the House Committee on Finance for conducting the public hearing, allowing Nigerians to contribute to the proposed law.

In their submission,
Prof Isa. Abdulraheem of the Congress of University Academics opposed the proposed increase in Value Added Tax, recommending a maintained rate of 7.5% and broadening the tax base.

The Association of Bureaux De Change Operators of Nigeria whose presentation was delivered by the Chairman North Central Zone, Thomas Okoye expressed concern over the impact of the bills on their transactions, citing potential unemployment.

Chairman James Faleke of the Committee said stakeholders’ inputs will be incorporated into a balanced legislation.

The bill will now be proposed, debated, and passed by the House before being compared with the Senate’s version to resolve any differences

Oduyemi Odumade, Edited By Grace Namiji