Amid the public hearing organised by the Nigerian Senate on President Bola Tinubu’s tax reform bills, a civic organization, the Northern Union and other Arewa groups have declared that the proposed tax reforms would benefit the North.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Tax Reforms Bills, comprising the Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill, aim to provide a comprehensive framework for taxation in Nigeria.
DAILY POST reported that the Senate has begun a two-day public hearing on the tax reform bills, bringing together key stakeholders from the nation’s economic and financial sectors.
Speaking on behalf of a coalition of Arewa groups after a public hearing in the Senate on Tuesday, Alhaji Adamu Muazu Garuba, convener of the Northern Union, said the tax reform bills align with the organisation’s objectives of promoting economic growth, fairness, and simplicity.
Despite initial opposition to the bills by Northern leaders, Garuba stressed that the tax reforms will have a positive impact on the North.
“A simplified tax system will attract investments, create jobs, and stimulate economic growth in the region. This, in turn, will lead to increased economic activity, improved living standards, and reduced poverty levels.
“As the North is a significant contributor to Nigeria’s economy, the benefits of the Tax Reform Bills will be felt across the country. The reduction in compliance costs will also ease the burden on taxpayers in the North, enabling them to invest in their businesses and communities.
“This will be particularly beneficial for small and medium-sized enterprises (SMEs), which are the backbone of the Northern economy. By reducing the tax burden on SMEs, the tax reform bills will promote entrepreneurship, innovation, and job creation in the region.
“The increased revenue generated from the reforms will also enable governments in the North to fund critical infrastructure projects and social programs.
“This will help to address the region’s developmental challenges, such as inadequate healthcare, education, and transportation infrastructure. By investing in these critical areas, the North will be better equipped to unlock its economic potential and improve the lives of its people.
“The benefits of the tax reform bills to the North are numerous. The reduction in compliance costs will ease the burden on taxpayers, enabling them to invest in their businesses and communities.
“Additionally, the increased revenue generated from the reforms will enable governments to fund critical infrastructure projects and social programs.
“The tax reform bills will also promote fairness and equity in the tax system, eliminating multiple taxation and reducing the tax burden on low-income earners.
“This will promote social justice and reduce poverty in the region. Furthermore, the reforms will promote transparency and accountability in the tax system, building trust between governments and the people,” Garuba said.
He also commended the Senate Committee Chairman, Senator Sani Musa for his neutrality and impartiality by ensuring that all Nigerians were heard during the hearing.
Garuba in the same vein urged all northerners to support the tax reform bills, emphasising that the reforms are in their best interest.