Nigerian president, Bola Ahmed Tinubu, has assured that his administration will not go back down on the new tax reforms bill before the National Assembly.
The president, who stated this during a media chat with journalists on Monday said that Nigeria “can’t continue in the old ways.”
“Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears in today’s economy. We cannot retool this economy with old thoughts.
“I believe I have that capacity, I believe so that is why I went into the race. I am focused, let’s all focus on what Nigeria needs and what I am supposed to do for Nigerians.
“It’s just not going to be eldorado for everybody. But a new dawn is here and I am convinced and you should be convinced, you should help propagate that conviction,” Tinubu said.
The introduction of President Bola Tinubu’s Tax Reforms Bill has sparked widespread debates across Nigeria.
The proposed legislation seeks to overhaul the country’s tax collection and administration systems and present an opportunity to create another taxation model.
At the heart of the bill are radical provisions, such as revisions to the Value Added Tax (VAT) revenue-sharing formula and exemptions for small businesses and the average Nigerians.
One of the most contentious aspects of the reform is the proposed VAT revenue-sharing formula. Under the proposed model, 60% of VAT revenue will be allocated to state where goods and services were consumed, 20% distributed based on population, and the remaining 20% equally shared among all states.
The bills include a proposal to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman, all part of President Tinubu’s comprehensive tax reform package.
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