Former President of the Nigerian Bar Association (NBA), Yakubu Chonoko Maikyau, has called on the National Assembly to ensure that the proposed Tax Reform Bills serve the best interests of Nigerians and contribute to improving their lives.
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Maikyau made the plea during his remarks at the Public Hearing on Tax Reform Bills, organized by the House of Representatives Committee on Finance, which took place on Friday.
The bills under discussion include the Nigerian Tax Bill, Nigeria Tax Administration Bill, Joint Revenue Board Bill, and the Nigeria Revenue Service Bill.
Maikyau emphasized the importance of ensuring that these proposed laws not only foster economic growth but also deliver tangible benefits to the everyday lives of Nigerian citizens.
He stated, “I have firmly concluded that the proposed bills submitted to the National Assembly by the President aim to advance the prosperity of the people and empower the citizens of this country.
“Nigerians expect that these bills will lead to a regime that not only acknowledges their sacrifices but also provides them with the opportunity to see the tangible results of their contributions. These contributions, which are critical to the development of our economy, reflect their commitment to the progress of the nation.
“The expectation of Nigerians is that they will not only be engaged in their activities but also take full responsibility for the impact of their actions. I believe Nigerians recognize that they are in this unique position because it is the only place where such business can be successfully undertaken.
“This is where my interest lies, as I see this process as something that can be corrected and advanced on this continent. Our responsibility extends beyond the risks we occasionally face; it is also about providing clear direction for the people of this country and advancing the nation’s progress.”
The Comptroller General (CG),Nigeria Customs Service (NCS), Adewale Adeniyi stated before the Committee that, companies operating in Nigeria’s Free Trade Zones are violating the law governing their operations.
He alleged that, the companies are going into Customs areas where extant tax laws are operational to conduct their businesses.
Adeniyi was called to make clarifications on claims by NACCIMA earlier Thursday that, tax and levies allegedly being imposed on companies operating in Free Trade Zones by the Nigerian Customs.
He said, “The sticky issue over the years has been the compliance of free trade zones operators with the provisions of the law. Whereas, the law allows them to import every manufacturing inputs they need, 100%. Sometimes, including things that are prohibited into the customs territory.
“In fact, a lot of those incentives were given to them for them to manufacture. But the initial incentives were for them to export everything that they import inside this free zone. But from time to time, I think they started to develop loan proofs for the local markets. And they felt that they can’t trade anything from the local markets.
“So I think there was a need to produce all the services we can provide to the local markets. from the local market to federal market and the regulations of change allowing them to export 25% of volume and factory into the local market, into the local customs territory and subject to extant law affecting goods that are imported into Nigeria. I cannot stand here, Mr. Chairman, and tell you that this has been observed absolutely at full compliance.
“There have been reported violations of these provisions. We have seen some of them that were expected to export 100% some of the things that they produce in the free zone into Nigeria. We have even seen cases of some free zone enterprises that want to export to Nigeria. We have seen the import of locally made armored cars, luxury goods.
“Some of them, they are perhaps thinking that this would be for the operations of the free zones. Because we cannot justify this under the labeling act, we have resisted such attempts in the past”.
In his remark, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele commended the House Committee on Finance for conducting the public hearing in order to allow Nigerians to contribute in having a law that will transform the country’s tax laws and improve economic activities.
Also speaking, the Chairman, Federal Inland Revenue Service (FIRS), Zach Adedeji said, the engagement of Nigerians on the Tax Reform Bill through the Public hearing has given Nigerians the opportunity to understand the Bills.
In their submissions, the Congress of University Academics (CONUA) presented by Prof. Isa Abdulraheem opposed the proposed increase in Value Added Tax (VAT) as stated in Chapter 6, Part I, Section 146 of the bill. It recommended maintaining the current VAT rate of 7.5% and broadening the tax base to include more taxable items.
In a presentation, as the Nigerian Investment Promotion Council (NIPC) which was presented by Mrs Uchenna Okonkwo stated that, contrary to the provisions of Section 167 (3), the “NIPC as the processing Agency of the incentives and in the exercise of its statutory mandate of recommending priority sectors/products for incentive should be empowered under this Act to make recommendations to the President for amendments of the list”.
The Association of Bureaux De Change Operators of Nigeria (ABCON) whose presentation was delivered by the Chairman, North Central Zone, Thomas Okoye expressed reservations over the impacts of some provisions of the Bills on their transactions.
They noted that, coupled with the directive of the Central Bank of Nigeria (CBN) on the astronomical increase of the Capital Base of Bureau De Changes (BDCs), further taxes will strangle their business and push many out which will cause unemployment in the country.
Speaking to journalists after the close of the last session of the public hearing, Chairman of the Committee, Rep. James Faleke said that, Public hearing as part of legislative process provides a platform where stakeholders give their inputs which will be incorporated to come up with a balanced legislation that incorporated important shades of opinions.
He commended the stakeholders who made observations and suggestions as a group or individuals, agencies of government and private entities as well as government agencies.
Hon. Falake noted, “We have completed that phase, and the public has responded to our efforts. We will now carefully review every detail to propose a bill, which will be presented for consideration in the House. If the House agrees with our suggestions, we will proceed.
Once we finalize and submit the report for discussion and debate on the floor, and it is passed, we will then compare it with the version passed by the Senate. Any areas of discrepancy will be harmonized.”
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