.Urge Govt must provide palliatives to cushion effects of fuel subsidy removal
• Okumagba lauds implementation plan
Stakeholders have expressed their total support for the recent tax reforms introduced by the Federal Government. They assure that the move is a win-win situation that would beneficial to government, manufacturers as well as the public.
They, however, argued that as good as the reforms appear to be, they remain temporal.
A few days ago, President Ahmed Bola Tinubu ordered the reversal of Buhari’s last-minute tax decisions, even as she signed four Executive Orders amending the FinanceAct and the suspension of five per cent excise tax on telecoms services among others.
The President said: “ Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18 per cent tax toGross Domestic Product(GDP) ratio within the next three years, without stifling investment or economic growth’’.
Speaking on the reforms,Prof. Sheriffdeen Tella said that the tax corrections made by President Tinubu “are in order and can serve as incentives to manufacturers, increased production.”
Tella further stated that though the law would still be applied in future, the businesses would have had adequate preparation to mitigate the negative impacts
The Professor of Economics at the Olabisi Onabanjo University Ago –Iwoye further explained that prices of goods were expected to come down and encourage consumer purchases of the concerned products.
He urged the government to demand reciprocity from the businesses through consultation and agreements with them.
Meanwhile, a former Commissioner of Finance in DeltaState, Olorogun Bernard Okumagba, has extolled the President for taking the bold initiative to fast-track and reboot the nation’s economy for the benefit of all Nigerians, by reducing the tax burden on Nigerians and businesses effected through the signing of four Executive Orders, deferring and suspending the commencement of certain taxes paid by individuals and companies in the country.
In a statement, the prominent APC leader in Delta State,lauded the immediate establishment of the Committee von Tax Reforms headed by Taiwo Oyedele to not only advise the government on necessary tax reforms, but also drive its implementation.This, he noted, will ensure the achievement of the desired tax law reforms, harmonisation of taxes and revenue administration, all of which will boost investor confidence.
