From Shola Baraye, llorin
A Legal Luminary, and Tax Expert, Mr. Bimbo Atilola has appealed to Wealthy Nigerians and Superrich to pay 0 .5 % as a one roll –on tax of their net –worth towards Socioeconomic Development of the country
Atilola, The Managing Partner of Hybrid Solicitors Said this became imperative to appeal to the superrich Nigerians to pay certain amount of their incomes for the sustainably of the economy with a view to assist government at all tiers
He described the four new tax reforms bills recently signed into law by president Bola Tinubu as a major changes in the Nigeria’s Tax landscape to drive the economic growth.pointing out that the era of government parastatals and agencies evading taxes have gone as the Accountant General of the Federation is now mandated to deduct at source.
The four new bills are, the Nigeria Tax Bills, the Nigeria Tax Administration, the Nigeria Revenue Service Bills and the Joint Revenue Board Establishment Bills.
Atilola made this known while speaking as a keynote speaker during the Kwara State University, Malete, KWASU 1st Business and Private Law seminar in ilorin with the themes ; Tax law Reforms in Nigerian: Striking A Balance Between Compliance Burden and Revenue Growth”.
According to him, ” the tax will ease the burden on the low income earners, and will enhance effective tax administration”. adding that,” “Nigeria is currently grappling with a pressing revenue challenges, increasing debt profiles and acute fiscal distress necessitating urgent reforms to enhance fiscal sustainability, “
“With the advert of the Digital, Economy, multinational corporations have been able to penetrate domestic markets without establishing a physical presence, thereby eroding the Nation’s tax base”. he further added
The tax reforms, He said is not only a policy and legislative response to the Nation’s outdated and obsolete tax legislations, But the reforms seeks to address loopholes and compliance issues which have provided opportunities for the aggressive tax avoidance and tax evasion by both residents and non– residents entities.
While commending the 35% allocated to the Local Government Councils, by the new tax laws, Atilola noted that, it’s a great challenges to the council administrators to upgrade the moribund grassroot government and improve developmental projects.
He called for a right people and calibre to be appointed as the Council chairmen to equitably, managed the funds for the sustainable development of the third tier of the government.
Also, the Executive Chairman, Kwara State lnternal Revenue Service (KWIRS) Mrs Shade Omoniyi explained that there’s no individual direct benefits of taxes, But a collective benefits for the overall developmental projects for the masses.
Omoniyi, represented by Mr. Mohammed Audu remarked that the new tax regime been condemned by a cross section of some Nigerians was based on ignorance as they failed to go through the new laws to understand it’s pains and gains
The Kwara State Controller, Federal lnland Revenue Service FIRS. Hajjia Adama lssa underscores the current threshold in the Nigerian tax reforms towards the sustainable development of the Nation’s economy.
