By: Olabode Oyedele
The Islamic Forum for Unity of the Ummah has given its seal of approval to President Bola Tinubu’s proposed tax reform bills, citing their potential to reshape Nigeria’s fiscal landscape and drive economic growth. Initially, the forum had expressed reservations about the bills but after careful review and consultation with experts, they concluded that the legislation is harmless to Islamic and Nigerian interests.
President Tinubu transmitted four tax reform bills to the National Assembly on September 3, 2024, following recommendations from the Presidential Committee on Fiscal and Tax Reforms.
The Islamic Forum announced its endorsement in a communique after a meeting in Abuja, citing the bills’ potential to reshape Nigeria’s fiscal landscape and drive economic growth.
While recalling opposition from Northern traditional rulers and governors, the Islamic groups urged the federal government to educate Nigerians about the bills.
The communique, signed by Chairman Mallam Adam Awwal Muhammad and Secretary Sheikh Akanbi Rashidi Bolaji, reads: “There’s no basis to entertain fear about these bills… Nigerians will commend Tinubu for laying a solid foundation for fiscal stability.”
Key components include reducing overlapping taxes, harmonizing tax processes, and creating a Joint Revenue Board.
The Islamic Forum appeals to Muslim brothers to support the tax reform initiative and urges NGOs, civil society, and governments to make the documents public.
They suggest President Tinubu meet with governors, stakeholders, manufacturers, and citizens to discuss the bills’ importance to Nigeria’s growth.
The tax reform bills aim to streamline tax collection, ensure compliance, and optimize revenue. The bills include:
- Nigeria Revenue Service Establishment Bill: Seeks to repeal the Federal Inland Revenue Service Bill No. 13 of 2007 and establish the Nigeria Revenue Service.
- Joint Revenue Board Establishment Bill: Aims to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman.
- Nigeria Tax Bill 2024: Provides the fiscal framework for tax in the country.
- Tax Administration Bill: Offers a clear and concise legal framework for all taxes in the country.
The Islamic Forum urges Muslims to support the tax reform initiative, emphasizing its potential to stimulate investment, reduce the tax burden on businesses and workers, and promote economic stability. They also call for mass enlightenment programs to educate Nigerians about the bills’ contents.
Dan Zaki Media 