ICAN’s President, Chief Alaribe, advocates for proposed tax reform bills that aim to enhance Nigeria’s revenue and promote compliance. Key stakeholders like Mr. Oyedele stress collaboration and highlight the urgent need for reform, given Nigeria’s low tax to GDP ratio compared to other countries. The event also galvanized alumni support for the reforms and encouraged MSME participation to ensure broader economic benefits.
The Institute of Chartered Accountants of Nigeria (ICAN), represented by its president, Chief Davidson Chizuoke Stephen Alaribe, is supportive of the proposed tax reform bills currently before the National Assembly. If enacted, these reforms are anticipated to significantly enhance Nigeria’s revenue streams and promote tax compliance among citizens.
During a reception in Lagos hosted by the Student Pye Alumni in honor of Chief Alaribe and Mr. Adebowale Oyedeji, the ICAN president stressed the importance of updating outdated tax laws. He stated that the reforms could align Nigeria’s tax system with global best practices, ultimately improving the economy and consumption patterns if implemented effectively.
The event featured a keynote address by Mr. Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms, who advocated for collaboration among government agencies and stakeholders on the tax reform bills. He emphasized the need for tax deductions on start-up expenses incurred within six years of commencing a business to encourage entrepreneurship.
Mr. Oyedeji highlighted the disparity in tax to GDP ratios, noting that Nigeria’s ratio is approximately 7.1%, compared to South Africa’s 29% and Africa’s average of 16%. He underscored the urgency for reform in Nigeria’s tax system, commending the current initiatives aimed at improvement.
The event was also a platform for the Student Pye Alumni class of 1990-1994 to congratulate the honorees and inspire fellow alumni to embody perseverance and excellence. They encouraged Micro, Small, and Medium Enterprises (MSMEs) to engage in the tax reform discussions,
advocating for their involvement to leverage potential benefits aimed at economic growth once the bills are passed.
In conclusion, the discussion surrounding Nigeria’s tax reform bills underscores a critical opportunity to enhance the nation’s revenue and encourage compliance. With the support of key stakeholders and the engagement of smaller enterprises, these reforms could significantly transform the economic landscape of Nigeria. Both ICAN and the Presidential Fiscal Policy committee emphasize the necessity for timely and effective tax system reform, positioning Nigeria for a more favorable economic future.
Original Source: tribuneonlineng.com
