The Deputy spokesman of the House of Representatives, Philip Agbese (APC, Benue), said on Tuesday that the tax reform bills before the National Assembly will stimulate the nation’s economy and ensure a smooth take-off of a new tax administration devoid of multiple taxation.
The four tax reform bills presented to both Chambers of the National Assembly on September 3 for consideration and passage have generated lots of controversy with the National Economic Council(NEC) asking the President to withdraw them to allow for more consultations.
But the Presidency said that the bills products of the Presidential Committee on Fiscal and Tax Reforms headed by Taiwo Oyedele should be allowed to go through legislative process, saying there was no need to withdraw them as stakeholders have an opportunity to make their inputs during the public hearing.
The bills are the Nigeria Tax Bill 2024, is expected to provide the fiscal framework for taxation in the country, the Nigeria Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes, the Nigeria Revenue Service Establishment Bill, which will repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, and the Joint Revenue Board Establishment Bill, which will create a tax tribunal and a tax ombudsman.
Speaking with Assembly correspondents in Abuja, Agbese said he is convinced the tax reform bills will stimulate the economy if passed into law and implemented.
He said, “I am one of the strongest advocates of President Tinubu’s tax bills because I am a reformer and believe in changes that would better the country. I have studied the document and I’m convinced beyond every reasonable doubt that it will no doubt, help to improve the economy of the nation.”
He informed he is lobbying his colleagues to draw attention to the importance of the bills, adding that if implemented, the proposals “Will not only benefit Benue State where I come from, it will also benefit everyone that generates taxes and does so dutifully.
Read Also: Ndume, Shehu Sani differ on Tax Reform Bills
“Those who are afraid are doing so because they fear accountability and transparency. These bills will bring about consciousness to tax-payers and once people become conscious of what they pay to the government and what the government earns; they can be assured that there will be a higher demand for accountability,” he said.
Agbese called on the 36 Governors to rethink and support the Federal Government, adding that across the sectors of the economy, there are complaints of over-taxation while a significant number of people doing business are not remitting taxes to the government.
“Everyone talks about nations that render social services to their citizens. Those citizens pay their taxes when due. The truth is that in the past few years, many Nigerians have raised the alarm of multiple taxation and this is partly what these proposed reforms intend to address.
“Again, some companies are operating in this country that are taking advantage of the gaps in our tax laws to evade taxes. This has resulted in huge revenue loss to the government and needs to be addressed. It is on this note that I humbly plead with our respected state governors to support these bills because, in the end, Nigeria will be the ultimate beneficiary,” he added.