Chief Davidson Chizuoke Stephen Alaribe, President of ICAN, stated that the tax reform bills before Nigeria’s National Assembly could enhance the country’s revenue. He emphasized the need for a modern tax system to foster compliance and economic growth. Key figures at a Lagos reception supported the reforms, highlighting the significant disparity in tax-to-GDP ratios between Nigeria and other nations, and encouraging MSME participation in reform discussions.
Chief Davidson Chizuoke Stephen Alaribe, President of the Institute of Chartered Accountants of Nigeria (ICAN), stated that the proposed tax reform bills before the National Assembly have the potential to significantly enhance Nigeria’s revenue stream. During a reception in Lagos hosted by the Student Pye Alumni in his honor, Alaribe emphasized the importance of these reforms in promoting a culture of tax compliance.
He remarked, “Tax laws, some of them are archaic. This tax reform bill, if passed into law, will try to bring our tax system in line with best practices and also for once, we’ll get it right.” Alaribe believes effective implementation will stimulate economic growth by improving consumption patterns and overall revenue collection.
Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms, highlighted the necessity for collaboration among government entities and stakeholders regarding the tax reforms. He advocated for tax deductions for start-up expenses incurred in the first six years of business operations, stating that this initiative would bolster entrepreneurship and aid new ventures.
Mr. Adebowale Oyedeji affirmed the urgent need for tax system reform in Nigeria, citing the glaring disparity in tax-to-GDP ratios compared to other countries. He conveyed that Nigeria’s tax-to-GDP ratio stands at approximately 7.1%, contrasting sharply with South Africa’s 29% and Africa’s average of 16%. He stated, “We need a reform and I think the initiative being pursued is a good one.”
The event organizers congratulated the honorees while urging Micro, Small, and Medium Enterprises (MSMEs) to engage in the tax reform discussions. They indicated that participation from MSMEs would enable them to benefit from the proposed bills aimed at fostering economic growth and development. The event was attended by notable figures, including alumni and dignitaries, further underscoring the significance of the occasion.
In conclusion, the proposed tax reform bills by the National Assembly aim to modernize Nigeria’s tax system and enhance revenue generation. Notable leaders in the accounting and fiscal policy sectors have called for collaboration among stakeholders to ensure the effective implementation of these reforms. Furthermore, there is an emphasis on the necessity for small businesses to engage actively in tax reform discussions, allowing them to maximize the benefits of the anticipated changes once enacted.
Original Source: tribuneonlineng.com
