ABUJA, Nigeria (VOICE OF NAIJA)-The Northern Economic Development Forum has reassured Northern governors and endorsed President Bola Tinubu’s new tax reform policies, asserting that the reforms will bring benefits to the Northern region.
Concerned that the Tax Reform Bills could negatively impact their region, the Northern governors had urged the National Assembly to reject them.
However, the development forum voiced optimism, stating there is no need for alarm as the proposed tax laws are designed to modernize and strengthen Nigeria’s tax framework.
Recently, President Tinubu and the Federal Executive Council introduced a bill aimed at overhauling tax processes, creating a unified revenue authority, and simplifying financial obligations for both businesses and individuals.
The Northern Economic Development Forum has urged a careful review and understanding of the proposed Tax Reform Bills before passing judgment.
In a statement, the forum announced plans to mobilize support for the bills through a widespread awareness campaign across the 19 Northern states, asserting that these reforms will bolster development not only in the Northern region but across Nigeria as a whole.
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Signed by Dr. Mustapha Ibrahim Gusau, the statement outlined key elements of the four bills: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act, and Joint Revenue Board (Establishment) Act, clarifying that these initiatives aim to prevent misunderstandings.
According to the forum, documents show that the new tax laws will not increase the number of existing taxes but are intended to streamline and improve current frameworks rather than 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.
The Forum, in its findings, highlighted that the reforms will harmonize tax laws, enhance efficiency and modernization, simplify Laws, promote synergy among revenue collection agencies, and improve 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 thus encouraged all Nigerians, particularly those in the North, to support the reforms and avoid creating unnecessary tension.