Chief Alaribe of ICAN believes proposed tax reform bills in Nigeria will enhance revenue and tax compliance. He and Mr. Oyedele stress the need for collaboration in implementing these changes to support entrepreneurship and economic growth. The event also highlighted the importance of MSMEs in contributing to the tax reform discussion.
Chief Davidson Chizuoke Stephen Alaribe, president of the Institute of Chartered Accountants of Nigeria (ICAN), stated that the tax reform bills currently in the National Assembly will enhance Nigeria’s revenue. At a Lagos reception, he emphasized the importance of these reforms in improving tax compliance and aligning the tax system with global best practices. He remarked, “This tax reform bill, if passed into law, will try to bring our tax system in line with best practices and also for once, we’ll get it right.”
Alaribe highlighted that effective implementation of the reform would enhance Nigeria’s revenue generation, influence consumption patterns, and boost the economy overall. He also expressed gratitude for the warm reception from colleagues at the event, organized by the Student Pye Alumni class of 1990-1994, comprising ICAN and CIBN fellows.
Mr. Taiwo Oyedele, chair of the Presidential Fiscal Policy and Tax Reforms, emphasized the need for collaboration between government and stakeholders regarding the tax reforms. He advocated for tax deductions for start-up costs incurred within six years of business inception, aiming to support entrepreneurship. He noted Nigeria’s tax to GDP ratio stands at 7.1%, significantly lower than South Africa’s 29% and Africa’s average of 16%, signaling the urgency for tax reform.
The event’s organizers, the Students Pye Alumni of 1990-1994, encouraged MSMEs to engage actively in the tax reform discussion, as these reforms could foster economic growth and development. They praised the honorees for exemplifying excellence and resilience during their academic journey. Notable attendees included directors, community leaders, and representatives from Abia State’s government, reinforcing the event’s significance in building a supportive network for positive change in Nigeria’s tax landscape.
The tax reform bills proposed in Nigeria aim to significantly improve the nation’s revenue generation and compliance with tax laws. With the urgency recognized by industry leaders, particularly ICAN’s president and the chair of the tax reform initiatives, there is an optimistic outlook on fostering entrepreneurship and promoting economic growth. Engagement from MSMEs is paramount to ensure these reforms beneficially impact the economy.
Original Source: tribuneonlineng.com
