National Assembly, Presidency to harmonise on tax reforms

The National Assembly Technical Committee on Tax Reforms has assured of harmonious working relationship with the Presidential Initiative on the Ease of Doing Business.

This, it said, is in its determination to enthrone a tax system that would improve the overall wellbeing of Nigerians and diversify the nation’s economy.

A member of the committee who doubles as Senior Special Assistant to the Senate President, Kingsley Amaku, disclosed these at a technical session of the panel in Abuja.

A statement by Kanayo Nwajei, Communications Adviser at the National Institute for Legislative Studies (NILS), stated that the technical committee was set up by Senate President Bukola Saraki to address public concerns on the current tax system and the need to diversify the nation’s economy by widening the tax base.

According to the statement, Amaku further disclosed that the Technical Committee is working assiduously to submit its report for legislative consideration and ensure that the citizens get the best out of tax reforms.

“The National Assembly has passed several laws that have helped Nigeria to move up in the World Bank Ease of Doing Business ranking. The Senate and House of Representatives have been driving the process of doing business in Nigeria easier by reforming some of the extant laws that affect businesses in a way that inhibit investment in the country and make Nigeria uncompetitive.

“What we are doing now is deepening the process by looking at the past tax reforms as a way of improving the competitiveness of Nigeria as an investment destination,” Amaku said.

The Technical Committee is chaired by the Director General NILS, Ladi Hamalai.

Other members of the committee include representatives of the Manufacturers Association of Nigeria (MAN), Federal Inland Revenue Service (FIRS), Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Budget Office of the Federation and Commissioner of Finance, Lagos State.

In an another development, the African Capacity Building Foundation (ACBF) has met with officials of the Ministry of Finance, National Institute for Legislative Studies (NILS) as well as the West African Institute for Financial and Economic Management (WAIFEM) to review the budget and implementation of project activities to Results Management Frameworks (RMF).

This was sequel to the two grant agreements ACBF signed with NILS and WAFEM in July 2017 to implement capacity building projects aimed at improving financial governance in Africa and West Africa in particular.

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