…dispel rumour of plot against poor states

A group of experts from Northern Nigeria have thrown their weight behind the Tax Reform Bills proposed by President Bola Tinubu, saying the Bills would reinvigorate economy of the Northern region.

The experts spoke as resource persons at a town hall meeting on Monday in Abuja organised by 200 Civil Society Organisations under the Coalition of Northern Civil Society Groups in collaboration with Concerned Northern Professionals.

Speaking at the event chaired by Vice Chancellor African School of Economics ( Pan-African University of Excellence Abuja), Prof Malfouz Adedimeji, the experts refuted claims that the Nills were anti-north and were rather geared towards the development of the region.

A chartered accountant, Dr. Mustapha Abubakar noted that the Tax Reform Bills were designed to expand Nigeria’s tax base, improve compliance and establish sustainable revenue streams.

He said: “The bills are expected to have a positive impact on the northern economy, potentially increase government revenue, reduce poverty, and promote economic growth and development.

“One of the key benefits of the bills is the potential to increase revenue generation for state and local governments in the north.

“The proposed reduction of VAT distribution to the federal government from 15% to 10% and the increase in the share of state governments from 50% to 55% will result in more funds being available for development projects in the north.

“This is expected to lead to improved infrastructure, education, and healthcare in the region. Another significant benefit of the tax reform bills to the north is the potential to promote economic growth and development.

“The proposed reduction of company income tax from 30% to 25% over two stages will make it easier for businesses to operate in the north, leading to increased investment and job creation.”

Barrister Maxwell Batusan of the Kano state Internal revenue service.noted that the Bills would promote synergy between the federal, state and local governments.

“The Joint Revenue Board Establishment Bill intends to establish the Joint Revenue Board, which will streamline tax administration and promote fairness and equity in the distribution of revenue.

“Additionally, the exemption of small businesses with annual turnovers of N50 million or less from paying income tax will provide a boost to entrepreneurship and innovation in the region.

“Overall, the tax reform bills have the potential to unlock the economic potential of the north and promote sustainable development in the region.”