Public hearings by Nigeria’s National Assembly have drawn widespread support for tax reform among various stakeholders, highlighting the need for modernization in fiscal policies. Concerns regarding specific provisions were raised, but constructive suggestions aim to refine the legislation. The engagement signifies a potential consensus geared towards economic growth and responsible tax practices.
Recent public hearings by Nigeria’s National Assembly have garnered positive feedback from a wide array of stakeholders, including regional groups, government agencies, civil society organizations, individuals, academia, and labor unions. Most participants voiced strong support for the passage of the tax reform bills, contingent on addressing identified issues. The hearings served as a pivotal moment for the Federal Inland Revenue Service as they fostered democratic expression and collaboration among various factions.
The tax reform proposals have engaged diverse opinions from unexpected sources, including religious leaders and student organizations. Initially, skepticism surrounded the bills’ progression through the legislative process; however, even previously resistant Northern stakeholders have contributed constructive recommendations. This shift indicates growing consensus on the need for reform.
The Arewa Consultative Forum actively participated, presenting a booklet outlining their concerns on issues such as the Nigeria Revenue Service Board’s composition, Presidential tax exemption powers, and the proposed inheritance tax. They emphasized the importance of effective planning, clear communication, strategic implementation, and dialogue for successful reform acceptance.
Various organizations, including the Supreme Council for Shariah, Kano State Government, and academic figures, reiterated concerns related to the bills, particularly addressing the Inheritance Tax and terminology that may infringe on religious rights. The Kano State representative expressed support for tax modernization while advocating for respect for state rights and economic stability.
Significant contributions were made by organizations like Nigeria Liquefied Natural Gas and the Fiscal Responsibility Commission, most of which focused on technical refinements while supporting the overarching goals of the bills. Aligning with the Executive Chairman of the Federal Inland Revenue Service, stakeholders recognize the urgency of updating outdated tax laws to support economic growth.
Dr. Adedeji presented specific examples of challenges faced by operators in Free Trade Zones that circumvent tax regulations, impacting the economy. The hearings involved 75 invited stakeholders, with 61 providing submissions, demonstrating a broad engagement in the process. This representation indicates that the National Assembly is well-prepared to deliberate on the bills.
In conclusion, the hearings signify a crucial step towards necessary tax reform in Nigeria, with substantial stakeholder engagement underscoring the potential for these changes to benefit the economy. The National Assembly’s leadership is commended for their commitment to advancing these bills toward passage.
The recent public hearings reflect a noteworthy engagement from various stakeholders in support of the new tax reform legislation in Nigeria. With the call for clear communication and implementation strategies, it is evident that there is considerable consensus on the need for reform. This movement towards modernization and fiscal responsibility, combined with the supportive input from diverse groups, lays a positive foundation for the National Assembly’s deliberation and potential passage of the bills. Future developments in this sphere will be closely watched by all involved parties.
Original Source: gazettengr.com
