Tax reform to transform economy – CITN.

The Chartered Institute of Taxation of Nigeria has expressed support for the tax bills, which are before the National Assembly, claiming that they would boost the economy.
CITN President/Chairman of Council Samuel Agbeluyi expressed his support on Wednesday during a workshop for tax and finance reporters in Lagos.
He stated that the tax bills before the NASS have been generating nationwide debate with stakeholders pitching for and against them.
According to him, the four tax reform bills, which were transmitted to the National Assembly by President Bola Tinubu on October 3, 2024, have passed through a second reading despite protests against them from the North.
Agbeluyi noted that the institute is closely monitoring and contributing its quota to the current activities of the current government as it relates to taxation and fiscal policy modifications.
He said “It is not in doubt that since its inauguration in May 2023, the current Nigerian government has demonstrated the political will and a strong commitment to overhauling the nation’s tax system, to reduce dependency on oil revenues and promote fiscal stability.
“After painstaking and exhaustive work, the output and recommendations of the Presidential Committee on Fiscal Policy and Tax Reforms have given rise to the Economic Stabilisation Bills currently under legislative consideration and scrutiny at the National Assembly.
“As expected with major tax reforms anywhere, it has elicited a lot of concerns and reactions from stakeholders. CITN welcomes this great effort by the current government in envisioning and pushing for these tax reforms, which are necessary at this point in our national life.”
He pointed out that the bills were capable of transforming the tax space in Nigeria, addressing systemic challenges that had bedevilled the effectiveness of the country’s tax system.
He added that it could engender an enabling environment for businesses to thrive, noting that concerns about the bill be based on facts and figures.
“At the level of the Institute, while we participated at one level or the other in the process leading to the drafting of the bills under reference, we still have some observations in the bills, which we will present at the public hearing on the bills,” he concluded.
Stakeholders have been complaining about the over 65 taxes in the country, advocating that they should be streamlined.
Meanwhile, the Senate on Wednesday suspended action on the tax reform bills.
It further instructed the Committee on Finance to suspend action on the public hearing pending the time the agitation in the public space is addressed.
The Senate further constituted a special committee to meet with the executive branch and work with the Federal Government to resolve the issues surrounding the tax reform bills.