Chief Davidson Chizuoke Stephen Alaribe, President of ICAN, advocates for pending tax reform bills in Nigeria that aim to improve revenue and promote tax compliance. Mr. Taiwo Oyedele stresses the importance of collaborative efforts for successful implementation and highlights Nigeria’s low tax-to-GDP ratio. The Student Pye Alumni encourages MSMEs to actively partake in reform discussions for future economic benefits.
The President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chizuoke Stephen Alaribe, has expressed that the current tax reform bills pending in the National Assembly have the potential to significantly enhance Nigeria’s revenue streams. At a recent event in Lagos, he emphasized the importance of these reforms in instilling a culture of tax compliance among citizens.
Alaribe noted that existing tax laws are often outdated, stating that the proposed reforms aim to align Nigeria’s tax system with global best practices. He believes that effective implementation of the reforms could lead to improved revenue generation and positively influence consumer behavior, thereby strengthening the Nigerian economy.
During his keynote address titled “Understanding the Nigeria Tax Reforms,” Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms, urged collaboration among government entities and stakeholders to facilitate the reform process. He stressed the necessity for tax deductions on expenses incurred by start-ups during their initial six years, which he believes will encourage entrepreneurship.
Oyedele highlighted that Nigeria’s tax-to-GDP ratio stands at approximately 7.1%, starkly contrasted with South Africa’s 29% and Africa’s average of 16%. He remarked on the urgent need for reform to address Nigeria’s suboptimal tax situation, reinforcing Alaribe’s calls for systematic improvements.
The Student Pye Alumni from the class of 1990-1994, who organized the event, acknowledged both honorees and urged Micro, Small, and Medium Enterprises (MSMEs) to engage with the ongoing tax reform discussions. They believe that active participation could enable these businesses to benefit from the proposed reforms, thus promoting economic development upon the bills’ enactment by the National Assembly.
In summary, the proposed tax reform bills in Nigeria, as articulated by ICAN President Chief Davidson Chizuoke Stephen Alaribe and Mr. Taiwo Oyedele, emphasize the necessity for modernization and compliance within the tax system. The reforms seek to align Nigeria with best international practices to enhance revenue generation, particularly for MSMEs. The engagement of stakeholders in this process is pivotal for fostering economic growth and ensuring the successful implementation of these reforms.
Original Source: tribuneonlineng.com
