Tax Reform Bill : More dialogue will douse tension—Labour

 

The Nigeria Labour Congress, NLC, has called for more dialogue by stakeholders on the Tax Reform Bill before the National Assembly, NASS, to ensure that all interests are protected.

This came as NLC informed that it was preparing workers’ position on the bill to be submitted to the National Assembly.

President of NLC, Joe Ajaero who spoke weekend in Ibadan, Oyo State, during a dialogue on the tax reform bill it organized for members of its by Central Working Committee, CWC, insisted that more dialogue by critical stakeholders would douse current tension being generated by the bill.

According to Ajaero, it was important for the bill to benefit from critical stakeholders’ inputs for the good of all because some aspects of the bill needed clarifications from government for better understanding.

“I will implore everybody to read and understand what is imbedded in the tax reform bill, I think it is all over the internet now on google and social media. There is no doubt the bill will benefit from critical stakeholders’ inputs for the good of all and douse the current tension over the bill.

"Also as a matter of fact, federal government did not include NLC in dialogue of the bill. Well, we will prepare our position as it affects and concerns us as workers and submit to the National Assembly.

Ajaero also implored members of the public to endeavour to go through the tax reform bill to avoid misinterpretation which could trigger misinformation.

Delivering the dialogue paper,  a Professor of Accounting and Financial Development, Godwin Oyedokun explained that the tax reform bill needed to be understood by Nigerians to avoid misinterpretation.

Professor Oyedokun maintained that tax reform was inevitable and must be embraced by all for the development of any country.

He said “Rejection of the tax reform bill by the labour unions in the country would not solve the issues of double taxation or high percentage deduction on Personal Income Tax. I will call on federal government to invest more on infrastructural development as a way of improving the standard of living of average citizens”.

Professor Oyedokun, however, encouraged Nigerians to acquaint themselves with the benefits of the tax bill.

He told members of NLC’s CWC that among others, “The proposed tax reforms in Nigeria reflect a commitment to international tax standards, promoting tax justice, and adopting best practices in taxing the informal sector. These reforms aim to create a more inclusive and efficient tax system through fairness, digitalization, and supportive measures for informal businesses.

“The proposed tax bill aims to create a favorable environment for job creation and economic growth through various incentives for businesses. These provisions are expected to have a positive impact on employment levels and wage growth in both the formal and informal.

“The success of these provisions will depend on their effective implementation and the ability to formalize the informal economy. If these challenges can be addressed, the tax incentives outlined in the bill have the potential to significantly improve employment outcomes and wage growth across Nigeria’s workforce.”