2 weeks ago
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Northern Economic Development Forum has allayed fears raised by Northern governors and backed the new tax reform policies initiated by President Bola Tinubu, saying the North will benefit from the reforms.
The Northern Governors opposed the Tax Reform Bills and asked the National Assembly to reject it because it would be against the interest of the people of the Northern region.
However, the northern-based development forum, which expressed optimism about the reform initiatives, said there is no cause for alarm as the proposed tax laws will help to enhance and modernise Nigeria’s tax landscape.
Tinubu and the Federal Executive Council recently sponsored a bill to restructure and streamline tax processes, establish a unified revenue service, and simplify financial obligations for businesses and citizens.
However, according to a statement by the Northern Economic Development Forum, there is a dire need to study and understand the proposed bill before attacking it.
While stating that it has concluded arrangements to mobilise support for the Tax Reform Bills via a massive awareness campaign across the 19 States of the north, it insisted the reforms will strengthen the development of the north region and the entire Nigeria.
The statement signed by Dr Mustapha Ibrahim Gusau explained key aspects of the four bills, namely: Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, Joint Revenue Board (Establishment) Act, Nigeria Tax Bill, noting that they are initiated to address potential misconceptions.
According to the forum, available documents show that the new tax laws will not increase the number of taxes currently in operation but are designed to optimise existing tax frameworks, not add complexity.
It stated further, “The laws will not increase the rate or percentage of any existing taxes. The intent is to ensure a more equitable distribution of tax obligations without increasing the financial burden on Nigerians.
“The laws will not lead to job losses; instead, they are structured to stimulate new avenues for job creation, supporting a dynamic, growth-oriented economy.
“These laws will not eliminate or absorb the duties of any existing department, agency, or ministry. Rather, they aim to harmonise revenue collection and administration across the federation to drive cohesive and unified financial management.
“The bills will not create additional compliance requirements for small businesses or individual taxpayers. They are aimed at simplifying compliance, particularly for SMEs, and fostering a more inclusive tax environment.
Speaking on its findings, the Forum revealed it will lead to the Harmonisation of Tax Laws; Drives Efficiency and Modernisation, Simplifies Laws and Ensures Synergy Across Revenue Collection Agencies and Ensures Efficiency in Government Spending and Savings.
“It will also Promote Transparency and Integrity in Revenue Collected, update tax Laws to Reflect Present Realities, align with International Standards, and broaden the Tax Base.”
The forum, therefore, urged all Nigerians, especially northerners, to embrace the reforms without stirring up unnecessary tension.
