Tinubu’s tax reform will support Nigeria’s revenue drive, investments, says Kalu
By Msugh Ityokura
Deputy Speaker, House of Representatives, Benjamin Kalu has expressed his support over the tax reform bill saying the major aim is to raise the revenue profile of the country and also support investments both locally and internationally.
The existing tax laws Kalu noted are obsolete and needed to be twerked and streamlined in line with the global best practices and standards.
He spoke during a meeting on UK -Nigeria Strategic Dialogue with the Deputy Leader, House of Lords and United Kingdom Minister of African Affairs, Rt. Hon. Lord Collins of Highbury on Wednesday in London.
Recall that the National Assembly is currently considering a couple of bills aimed at reforming the fiscal climate for which the federal government is engaging the stakeholders to get their input.
READ ALSO: Breaking: Former FCT minister Useni, dies at 82
The bills include the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill.
Kalu who said that Nigeria is the right destination for investments called on the UK business and the international community as a whole to increase their investment ratio in the country.
“Our tax laws have been.
obsolete. So, what we are trying to do now is to streamline them in line with global best practices.
“The aim is to drive revenue and also support some of the investors who have irregular tax laws affecting their revenue, streamlining them to know what they are paying for. Not multiple taxation on the same issues.”
He said the National Assembly has prioritized national security, law reforms, economic growth and development, social sector reforms and development, inclusion and open parliament, foreign policy, climate change and environmental sustainability for improvement.
The lawmaker doubles as the chairman of the House Committee on Constitution Review added that certain key areas of reform has also been outlined in the Constitution review process.
The areas according to Kalu include increased women participation in politics with creation of special seats to increase the number of women in Nigeria’s National and State Houses of Assembly; local government reforms to improve the autonomy of local government councils and their ability to deliver on development; state policing to address localized security challenges in Nigeria among others.
