✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Tax Reform Bills favour income earners , eliminate multiple taxations, stakeholders

The Kogi state government has  said the contents of  the Tax Reform Bills favour the low income earners and draw  the rich into the tax net, including eliminating  multiple taxations and others .
The state government disclosed this Wednesday at a town hall meeting with concerned citizens and other stakeholders in tax affairs in Lokoja.
The meeting was  midwifed by the state Ministry of Finance and other stakeholders in tax affairs, with the theme: “one-day citizen engagement and interactive session on the Tax Reform Bill”.
In his contribution, the general manager, Kogi state Internal Revenue Service (KGIRS), Alhaji Suleiman Enehe stated that  the new Tax Reform Bills were classified under four different pieces of legislation : The Nigeria Tax Bill; the Nigeria Tax Administration Bill; the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill.
He said if passed to law, it will  repeal many existing  laws that contain provisions on imposition and collection of taxes, stressing, the new tax laws harmonise  the 62 item  taxes at the federal level  to 9  digit and collapse the state to 4 from 25 tax items.
The KGIR Boss added that  the tax bill is therefore meant to  transform the nation tax administration for greater efficiency, by  structuring it  to  update obsolete tax laws and made easy  complicated tax ecosystem of the old.
“The new expected tax law empower  NRS to oversees all taxes, including the other taxes under  some federal agencies like Nigeria Port Authority,  Nigeria Customs Service, NUPRC, NIMASA and others .
“The new  tax reforms clinically favours the low income earners and small businesses, as it  exempted these groups from paying income taxes.
 “With its contents, these bills are not against the poor, or low income earners;  but  promote efficiency and economic growth”, he said .
For instance, he said those  earning about  N800,000 annually, and supposed  to pay income tax  under old tax regime are exempted in the new tax reform bills.
Enehe stressed further that the  bills  outline the powers and functions of the tax authorities,emphasising  taxes  reserved exclusively for the NRS to collect and those  reserved for the states .
He said the  new tax bills review VAT revenue empower states to  take 55 percent of the revenue ,instead of 50 percent before;  and  the federal government to share 10 percent  instead of 15 percent  before.
He therefore implored the eligible tax payers  to key into the new tax reform being legislated for a better society in the nearest future.
Several stakeholders, including tax collectors and payers  and Civil Society organisations( CSOs) applaud the tax reform bills,with some  expressing their  reservation in its holistic implementation to the letter.
Others urged the  state government and relevant agencies to  embark on enlightenment campaign to spread its awareness to the ill informed in the society to douse the misconceptions trailing the bills in certain segment of the society .
However, the kogi state chairman of Kogi NGO Network (KONGONET), Ambassador Muraina Ozovehe Idris  applauded the bills ,but caution involvement of consultant in its implementation to avoid counter productive.
He advised the stakeholders to update their  information technology systems to make the idea to work effectively , saying, human element in the country cannot be trusted for holistic implementation of the idea.
Earlier, in his address, the state commissioner for Finance and economic planning, Idris Asiru, stated  that the initiative was designed to foster collaboration between the government and citizens over the new tax reform under legislation.
“The purpose of this engagement is to provide a platform for citizens to engage with policymakers, understand the importance of the proposed tax reform, and explore how it can benefit the state.
“Tax reform plays a crucial role in ensuring fair taxation, enhancing revenue generation, and promoting economic growth in our state.
“Tax reforms are not just about numbers; they impact the services we deliver and the future of our economy”, he said.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.