Utweets
V!EW BEFORE THEY GOT DELETED| Baltazar FROM Equatorial Guinea TRENDS AGAIN AS OVER 50 OF HIS FRESH BEDR00M V!DEOS SVRFACES ONLINE.PRESIDENT Bola Tinubu has reaffirmed his administration’s commitment to implementing tax reforms, describing them as non-negotiable for Nigeria’s economy. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
Speaking on Monday, December 23, at a media chat, Tinubu said the reforms were ‘pro-poor’ and sought to eliminate colonial rule’s influence on Nigeria’s economy.
“Tax reform is here to stay. We cannot continue to do what we were doing yesterday in today’s economy. The essence of the tax reform bills is to eliminate the influence of colonial rule on Nigeria’s economy,” Tinubu said.
He further emphasised the importance of an efficient tax system in addressing Nigeria’s challenges and ensuring sustainable development.
“We cannot just continue to do what we were doing year after year in today’s economy. We cannot retool this economy with the old broken books, and I believe I have that capacity; that is why I went into the race…
“I am focused on what Nigeria needs and what I must do for Nigeria. It is not just going to be eldorado for everybody, but the new dawn is here. I am convinced, and you should be convinced,” Tinubu declared.
Controversies surrounding tax reform bills
The ICIR reports that the administration’s push for tax reforms has faced scrutiny from lawmakers, stakeholders, political leaders and other Nigerians.
On December 4, the Senate suspended further deliberation on the proposed tax reform bills, following the continued disagreements over key provisions.
The decision came after the Senate leadership constituted a special committee to resolve controversies surrounding the legislation.
The presidency variously defended the bills, stating that they had the potential to transform Nigeria’s tax system.
According to the senior special assistant to the President on media and publicity, Temitope Ajayi, on December 5, the reforms aimed to simplify tax laws, repeal outdated legislation, and empower states to generate more revenue.
Ajayi listed 10 ways the bills would serve the states better and enhance their capacity to earn more revenue.
Among the proposed benefits of the bills are an increase in states’ share of VAT revenue from 15 per cent to 20 per cent and exclusive rights for states to collect income from the electronic money transfer levy.
Others are new frameworks for taxing lotteries, gaming, and limited liability partnerships, autonomy for state revenue services and enhanced collaboration between federal and state tax authorities.
Earlier, on October 31, the National Economic Council (NEC) urged Tinubu to withdraw the bills, citing the need for further consultations and consensus-building.
According to Oyo State Governor Seyi Makinde, who briefed newsmen after the meeting, on Thursday, October 31, the NEC acknowledged Nigeria’s underperformance in major revenue sources, including the tax-to-GDP ratio and other critical indicators.
The new tax framework is part of the government’s plan to increase non-oil revenue amid fiscal challenges.V!EW BEFORE THEY GOT DELETED| Baltazar FROM Equatorial Guinea TRENDS AGAIN AS OVER 50 OF HIS FRESH BEDR00M V!DEOS SVRFACES ONLINE.
Makinde noted that NEC agreed that more sensitisation on the bill would foster consensus building and help Nigerians have a better understanding of their contents...Tap To Read The Full Story Here.
