Assenting Tax Bills one hurdle, Implementation another to cross, says NECA

By emmanuel MALAGU

The Nigeria Employers’ Consultative Association (NECA) says the Tax Reform Bills newly signed into Law by President Bola Tinubu, is a step in the right direction.

Adewale-Smatt Oyerinde, the Director-General of NECA said this while fielding questions from Journalists on the sidelines of the ongoing 4th Edition of the Nigeria Employers Summit on Thursday in Abuja.

Tinubu, earlier on Thursday, signed into Law, four Tax Reform Bills designed to overhaul Nigeria’s Fiscal and Revenue Administration Framework, to promote Economic Growth.

The four Bills were, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

Oyerinde said that the move by the President would drive the the Nation’s Economic Growth.

“I am very excited about the signing of this new Bills as the Organised Private Sector (OPS) have been struggling with the Challenges of Taxes, Levies and Fees for over ten years.

“The Challenges of efficiency of Tax Collection has been an Issue for every rational Stakeholder for a long time.

“So, when Mr President came up with the Presidential Committee, we think it was a step in the right direction and the Committee did a very Humane Job coming up with that Bills.

“With the many controversies and unnecessary distractions that came up, at the long last, the Bills have been signed today, which we believe is the beginning of the Reform,”‘ he said.

He, however said that Assenting to the Bills was one hurdle, while the Implementation was another hurdle to cross.

“Implementation will always come with its own Challenges that we are all not aware of, for now,” he said

Oyerinde said NECA worked directly with the Presidential Committee throughout the Work Phase of the Bills and made its Inputs readily available.

He added that the Association will be more interested in the Implementation of the Tax Laws and  ready to deepen Engagement with the Federal Inland Revenue Service (FIRS), the Principal Agency to drive the Conversation.

Speaking on the Summit, Ifeanyi Okoye, President of NECA, said it was organised to encourage all Businesses, irrespective of Sector and Sizes, to thrive, create Jobs and deliver Shared Prosperity.

He said, for over six years, NECA has remained firmly committed to promoting a Stable, Predictable and Enabling Policy and Regulatory Environment.

Okoye called on the Federal Government to demonstrate firm commitment to the Actionable Outcomes that would come out of the Summit.

The Summit is Themed: “Enabling Sustainable Enterprise in a Transitioning Economy; Aligning Fiscal, Trade and Regulatory Reforms for Rapid Development.”

The Minister of Labour and Employment, Muhammadu Dingyadi, commended the Leadership of NECA for their consistent efforts in fostering meaningful Dialogue between Public and Private Sectors and Harmonious Labour Relations, among others.

Dingyadi said the Summit was not just a gathering to discuss Policies but to collectively agreed on concrete and Actionable Strategies that would shape the Economic Future.

Olubunmi Tunji-Ojo, Minister of Interior, commended NECA for the consistency in the Annual Summit,

Tunji-Ojo said that the Ministry, have been collaborating with NECA on various Reforms Programmes and Agenda

He said the Summit is an opportunity for the Employers and the Public to sell their Ideas, Policies and Workplace to the Private Sector.

Credit NAN: Texts excluding Headline