Dr. Agbakahi: Tax Reform Bill Will Benefit Local Businesses and Lower-Income Earners

Dr. George Agbakahi, Southeast Leader of the Tinubu Support Organisation, has voiced his support for the tax reform bill currently under consideration......Read The Full Article>>.....Read The Full Article>>

During an ARISE NEWS interview on Thursday, Agbakahi praised the current tax reform bill, describing it as “pretty good.”

He stressed the importance of addressing the issues within the existing tax system, noting, “Since independence, we’ve always had a problematic and complex tax system.”

Highlighting the bill’s benefits for lower-income earners, Agbakahi explained that it aims to reduce the tax burden on Nigeria’s less affluent citizens.

“This tax provides opportunities for lower-income earners in Nigeria to pay a lower tax as opposed to what we have now. In Nigeria, the very wealthy are not paying their own fair share of the taxes,” he remarked.

Focusing on the Southeast region, Agbakahi underscored the positive impact the proposed tax system could have on local businesses.

“Trading and commerce are truly the nomenclatures of the southeast, and this particular tax system that is being proposed aims to support local businesses,” he said. He added that reinvesting the revenue generated from the reform could create employment opportunities across Nigeria.

While Agbakahi endorsed the reform, he called for thorough scrutiny to address any potential issues, stating, “The tax reform is a good one but let them look at it if there are some grey areas.

“They have the capacity to work on it and get back to the Nigerian people and to the executive. That’s why we are in a democracy.”

He believes that the comprehensive nature of the bill will help capture taxes from millions of Nigerians who currently do not pay, thereby increasing the country’s revenue.

Southeast senators, along with colleagues from the North, called for broader consultations before the passage of the Tax Reform Bills. This initiative, supported by Dr. Agbakahi, is seen as a positive step towards ensuring the bill meets the needs of all Nigerians.

He stated that if Southeast senators seek further discussions on the reform bill before making a decision, it’s a positive move.