North'll Benefit Immensely From Tinubu's Proposed Tax Reforms - NEDF

North'll Benefit Immensely From Tinubu's Proposed Tax Reforms - NEDF

...Forum Backs the Tax Reforms Policies

Northern Economic Development Forum (NEDF) has allayed fears raised by Northern governors and backed  the new tax reforms policies initiated by President Bola Ahmed Bola Tinubu, saying the North will benefit from the reforms.

The Northern Governors had opposed the Tax Reform Bill, and  asked the National Assembly to reject it on grounds that it  will be against the interest of the people of the northern region

But the northern based development forum ,which expressed optimism about the reforms said, there is no cause for alarm as the proposed Tax laws as it will help to enhance and modernize Nigeria’s tax landscape.

President Bola 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 in a statement by Northern Economic Development Forum, there is  a dire need to study and understand the proposed Bill before attacking  it.

While stating that it has as concluded arrangements to  mobilises support for the Tax Reform Bills via  massive awareness campaign ,it insisted the reforms will engender  development of the northern region and entire Nigeria.

The statement signed by Dr Mustapha Ibrahim Gusau explained key aspect 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 forum, available documents show that the new tax  laws will not increase the number of taxes currently in operation, but  are designed to optimize 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 harmonize 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 Harmonization of Tax Laws ; Drives Efficiency and Modernization,Simplifies Laws and Ensures Synergy Across Revenue Collection Agencies and Ensures Efficiency in Government Spending and Savings.

" It will also Promotes Transparency and Integrity in Revenue Collected ,Updates Tax Laws to Reflect Present Realities,Aligns with International Standards and Broadens the Tax Base".

The Forum therefore urged  all Nigerians, especially northerners to embrace the reforms without stirring up unnecessary tension .