Why Tax Reform Bill is the best decision for Nigeria – Governor Uzodinma
By Samuel Eugene
The Governor of Imo State, Hope Uzodinma, has said the Tax Reform Bill would address the inefficiencies in the country’s tax system.
Governor Uzodinma said Tax Reform Bill, when passed into law, would be to the benefit of the entire country.
He called for objective criticism of the bill and a critical study of the document.
“As a nation, we have faced challenges of multiple taxation and overlapping tax collection by various agencies, creating inefficiencies in the system. This has given rise to the Tax Reform bill carefully drafted to address these issues, aiming to streamline our tax regime for better economic growth and public welfare.
“Given that it is an Executive Bill, it is important that we approach it with seriousness, objectivity and not to be trivialized. Instead, it must be studied thoroughly to understand its intentions and areas of potential impact, and where necessary, objections or suggestions can be raised for review to ensure the bill serves the public’s best interest.
“It is crucial that we do not politicize the bill because it is for the collective good of the nation, not for the interest of any individual,” Governor Uzodinma said.
Meanwhile, the Chairman of the Presidential Committee on Tax and Fiscal Reform, Taiwo Oyedele, on his X handle Friday afternoon, explained that the bill when passed would help to reduce inflation and not increase it.
He added that while there would be an increase in Value Added Tax (VAT), unlike the 2019 proposal, inflation would be reduced.
“Some people have expressed the view that the proposed VAT rate increase as part of the Tax Reform Bills will fuel inflation and lead to more hardship for the people.
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