Speaker Abbas Tajudeen highlights the necessity for tax reforms to enhance Nigeria’s revenue generation, citing the country’s current struggles in fiscal policy. Recently, the House passed four tax reform bills unanimously, aiming to address these challenges. CITN supports these efforts while urging accountability from major corporations in revenue reporting.
Abbas Tajudeen, the Speaker of Nigeria’s House of Representatives, underscored the urgent need for tax reforms to address ongoing challenges in the nation’s monetary system and fiscal policies. During a meeting with the Chartered Institute of Taxation of Nigeria (CITN), he noted that Nigeria struggles with one of the lowest levels of revenue generation globally.
Tajudeen referred to the recent passage of four tax reform bills for a second reading, which he described as a historic and unprecedented initiative supported unanimously by the House. This significant legislative step is a pathway towards enhancing the country’s revenue generation capabilities.
He emphasized that substantial progress in Nigeria is contingent upon reforming the current tax system, which he criticized as severely underperforming compared to other nations in Africa. The existing structures have failed to produce adequate revenue for national development, which is essential for the country’s growth.
The Speaker aligned the objectives of the CITN with legislative goals outlined in the House’s 10th Agenda, assuring that stakeholder engagements would take place during the public hearings on the legislation planned before the end of February.
CITN President Samuel Agbeluyi expressed support for the House’s commitment to tax reforms and referenced previous initiatives, like the Finance Act, which aimed to improve revenue collection. He also criticized the Nigerian National Petroleum Company Limited for underreporting profits and failing to contribute its fair share to the Federation Account.
The Speaker of the House of Representatives has articulated a strong case for tax reforms in Nigeria, citing low revenue generation as a critical issue. The recent legislative actions demonstrate a concerted effort to overhaul the tax system, aligning with national aspirations for development. Collaboration with the CITN and public engagement will be vital in shaping effective tax legislation for the future.
Original Source: punchng.com
