• Warns against truncating the bills
Former governorship aspirant of Peoples Democratic Party (PDP) in Delta State, Chief Sunny Onuesoke says Nigerians, particularly the less privileged are to benefit from the tax reform bills being proposed by President Bola Ahmed Tinubu.
Onuesoke noted that the tax reform bills was the best economic policy that will happen to Nigeria.
However, the bills already submitted by President Tinubu to the National Assembly for review and passage had generated mixed reactions from members of the public.
Expressing his support for the tax reforms, Onuesoke told Journalists on Tuesday in Lagos, that the four tax reform bills are not merely legislative proposal but represent a transformative opportunity for the rejuvenation of Small Medium Enterprises (SMEs) and the enhancement of the fortunes of Nigerian workers.
The Urhobo born politician and social commentator, maintained that eliminating the scourge of double taxation imposed by state governors, the reforms would pave the way for an equitable business climate that significantly elevates both local and foreign investment potentials.
He insisted that the tax reform bills were not inimical to the North as being portrayed by some Nigerians, arguing that rather the North stands at advantage in the reform proposal that would place the Value Added Tax, VAT, right in the hands of each state to control.
The PDP Chief described the bills as a comprehensive and bold move to harmonise and simplify tax administration and streamline its operations and enforcement, stressing that the Bill will actually generate and safeguard more revenue for the country and the States.
Stating that there is nowhere in the document where any region will be shortchanged or taxes will be increased or jobs will be lost.
Onuesoke who argued that Federal Government meant well for all section of the country explained, “For instance, “there is a provision where companies are to pay value added tax to the host State instead of sending it to a single account. It’s in fact economically beneficial and fair to all parts. People should keep aside sentiments and read the Bill carefully.
“The Bill will actually generate and safeguard more revenue for the country and the States. It will also combat the corruption in the so-called tax waivers granted to business cabals.”
Onuesoke warned that the economy would be taken aback if the tax reform bills were truncated.
He argued that the reform could create a paradigm shift from the past and outdated tax system to a robust way of generating revenue which it takes a courageous president to do, particularly, as it will address business cabals who could do anything to evade tax remittances and seek unnecessary tax waivers.
Adding that Nigerians have seen different recommendations and proposals in the past, as the new tax reform bills will be different this time around.
According to him, “There are measures to ensure that the reforms are institutionalised via legal framework and administrative structures including systems to curb corruption and block loopholes through technology, self-service and tax agents regulation as well as planned amnesty and whistleblowing framework to sanitise the system.”
