It noted that as the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms has presented its report to President Bola Tinubu, it is expected that the National Assembly would adhere strictly to the rule of law by conducting public hearings and plenary sessions where the institute’s contribution would be majorly considered.
At a stakeholders’ forum organised by the CITN, Managing Partner, Ascension Consultancy Services, Azeez Alatoye, in a paper presentation on ‘Economic Stabilisation Bill: A Blueprint for Tax Reforms and Economic Stability’, said as legislative proceedings have commenced at the National Assembly that would pass the bill into law, there have been mixed reactions from members of the public on the bills.
On the Nigeria Tax Administration Bill, he said tax exemption for informal businesses, making states inactive to revenue generation, worsening poverty and unemployment, as well as VAT increase must be addressed going forward.
In his opening remark, President and Chairman of Council, CITN, Samuel Agbeluyi, said the Economic Stabilisation Bill seeks to address some of the deep-seated challenges in the nation’s tax system while setting the foundation for a resilient and inclusive economy.
He said the current tax climate, coupled with national economic challenges demands a reimagining of the country’s fiscal strategies, even as it offers a vital framework for critical reforms.
On the members’ role as tax professionals, Agbeluyi said they should not just be observers but active participants in reshaping the tax and fiscal landscape of Nigeria.
“We must critically examine these proposed bills, provide well-considered insights, and advocate for measures that will support both the government’s objectives and the welfare of Nigeria.”
