President Bola Tinubu states that the tax reforms initiated by his administration are here to stay.
Speaking at the presidential media chat on Monday, Tinubu explained that the tax reforms were implemented to “eliminate colonial-based assumptions” in the country’s tax environment.
The president emphasized that the country cannot continue to rely on outdated methods in today’s economy.
Tinubu noted that those advocating for more consultations on the tax reform bills will continue to do so even if he postpones presenting the proposed legislation.
“Tax reform is here to stay. In today’s economy, we cannot continue to do what we were doing in the past,” he said.
“The essence of tax reform is to eliminate colonial-based assumptions in our tax environment.”
“Every tax situation without outcry is not a tax. You can’t satisfy uniformly the largest community of tax evaders. Look at this tax reform; it is pro-poor. The vulnerable are not to pay taxes.”
“The hallmark of a good leader is the ability to do what you have to do at the time it ought to be done. That is my philosophy.”
When asked if he was willing to make concessions on the proposed value-added tax (VAT) sharing model, the president replied that he is open to making adjustments.
“Tax matters are subjects of debates, reviews, and negotiations until you reach a consensus. I don’t mind cutting edges. I will,” the president said.
On October 3, Tinubu requested that the national assembly consider and pass the bills.
The legislation includes the Nigeria tax bill, Nigeria tax administration bill, Nigeria Revenue Service establishment bill, and the Joint Revenue Board establishment bill.
One of the bills proposing a new VAT-sharing formula for the federation has faced strong opposition, particularly from northern stakeholders.
