Prominent northern group reveals position on Tinubu's tax reform bill, sends message to National Assembly

• The Coalition of Arewa Groups has endorsed President Bola Tinubu's tax reform bill, contrary to the stance of northern governors
• The group said it supports the bill due to its potential to consolidate taxation frameworks, promote economic growth, and ensure sustainability
• The proposed bill includes significant changes, such as increasing VAT from 7.5% to 15% by 2030, revised company tax rates, and new levies on certain industries

Kaduna—The Coalition of Arewa Groups has endorsed President Bola Tinubu's tax reform bill, taking a completely different position from that of the northern governors.

The group comprising 300 organisations across 19 northern states said its decision to back the bills follows a thorough examination and exhaustive consideration of the proposed legislation during a meeting in Kaduna on Friday, November 8.

The Coalition of Arewa Groups has backed President Bola Tinubu's tax reform bill. Photo credit: @aonanuga1956
Source: Twitter

This was disclosed in a statement co-signed by Alhaji Usman Abubakar and Obadiah Amos and sent to Legit.ng on Saturday, November 9.

“Our endorsement is premised on the understanding that the tax bills are designed to consolidate taxation frameworks, promote economic growth, and ensure sustainability," the statement partly read.

Tax reform bills: Group commends Tinubu, Adedeji

The group commended President Tinubu's vision to reshape Nigeria's fiscal framework, promoting economic growth and sustainability.

It also applauded Zacch Adedeji, the Federal Inland Revenue Service (FIRS) chairman, for clarifying the bill's details through media engagements.

“This bill aims to harmonize multiple taxes and levies, unify revenue collection functions, and modernize the tax system. We commend President Tinubu's vision to reshape Nigeria's fiscal framework," the coalition added."We pass a vote of confidence in the FIRS Chairman and express our full support for President Tinubu's tax bills."

National Assembly urged to pass tax bills

Meanwhile, the coalition urged the National Assembly to expedite the passage of the tax reform bill, officially tagged Nigeria Tax Bill 2024, to ensure timely implementation.

The proposed bill includes a gradual VAT increase from 7.5% to 15% by 2030, revised company income tax rates, a 4% development levy on companies, and a 5% excise duty on lottery, gaming, and telecommunications services.

Tax reform bill: Civil society groups take action

Meanwhile, Legit.ng earlier reported that the Situation Room, a coalition of 1,000 civil society groups, announced a town hall meeting on Sunday, December 1, to discuss the proposed Nigeria Tax Bill 2024.

The meeting, titled "Taxation in Nigeria: Issues, Challenges, and the Future," examines the bill's provisions and implications.

It will bring together scholars, civil society representatives, policymakers, and stakeholders to facilitate dialogue and ensure the bill serves Nigeria's best interests.

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Source: Legit.ng