The National Economic Council, NEC, has called for the withdrawal of the controversial Tax Reform Bill forwarded by President Bola Ahmed Tinubu to the National Assembly.
This is even as the Council expressed reservations over the Bill.
Recall that President Tinubu forwarded the TRB to NASS based on the report and recommendations of the Presidential Committee on Fiscal and Tax Reforms. The Committee was set up by the President to help boost revenue generation in the country.
But arising from their meeting on Thursday, NEC unanimously called for the withdrawal of the Bill.
This was part of the resolutions reached during the National Economic Council meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja.
Briefing State House Correspondents after the meeting, the Governors noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.
Addressing the press after the meeting, the Oyo State Governor, Seyi Makinde said NEC called for the withdrawal of the Bill. He observed that adequate consultations needed to be made to get the views of stakeholders including the State Governors to ensure that the law is favourable to all Nigerians.
He said, “NEC today took a presentation from the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Their main focus is fair taxation, responsible borrowing, and sustainable spending.”
“The Council acknowledged that the country is underperforming on all indices as regards yield from major revenue sources. Also tax to GDP ratio and so on.
“So, after extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.
“So, Council, therefore, recommend the need to withdraw the bill currently before the National Assembly on tax reforms. This is to enable us to have wider consultations and also build consensus around these reforms for the benefit of the entire country. And also, to give people, for them to know the vision and where we are moving the country in terms of a tax reforms. This is because there’s really a lot of miscommunication, misinformation,” Governor Makinde said.
NEC stand came days after the Northern Governors’ Forum, NGF, had rejected some sections of the proposals. Particularly the VAT-sharing template in one of the bills.
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