The Nigeria Employers? Consultative Association (NECA) on Thursday, lauded President Bola Tinubu?s assent to four major tax reform bills, describing it as a significant step towards ending over 10 years of crippling multiple taxation on businesses in Nigeria.

Speaking on the sidelines of the fourth Employers Summit in Abuja, NECA?s Director-General, Adewale-Smatt Oyerinde, said the legislation, which harmonises taxes, levies and fees across all levels of government, was a long-awaited relief for the Organised Private Sector.

?Our immediate reaction is ?Uhuru!? We thank God because we have canvassed this for a long time.

?The challenges of multiplicity of taxes, levies and fees have been a major issue for the Organised Private Sector for over 10 years,? Smatt-Oyerinde told journalists.

The four bills signed into law by Tinubu include the National Tax Policy (Establishment) Bill, the National Tax Administration (Establishment) Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Tax Board (Establishment) Bill.

The NECA boss noted that while the assent marks a major milestone, the true test lies in effective implementation.

?The main work is implementation, and it will come with its own challenges that we are not all aware of right now. But we?re happy that he has signed it.

?The reality for organised businesses in the context of harmonised taxes, levies and fees has begun,? he said.

Oyerinde stressed that the issue was not only about tax rates but also the chaotic and inefficient method of collection that had long discouraged business growth.

?The efficiency of tax collection has been a recurring concern for every rational stakeholder.

?That was why we supported the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms, which did a very humane and consultative job with the bill,? he explained.

He added that the bills are interconnected and were designed to stimulate growth across all levels of the economy, from micro, small and medium enterprises to large corporations.

?You don?t grow from the top. You grow by promoting businesses. Some parts of the reform affect MSMEs, others SMEs, big businesses, and individuals.

?It?s a chain reaction that we believe will catalyse the entire economy,? he added.

NECA President, Dr. Ifeanyi Okoye, in his remarks, echoed similar sentiments, stressing that the reforms must not end with legislation, but must lead to practical improvements for Nigerian businesses.

?For over six years, NECA has remained committed to promoting a stable, predictable, and enabling policy environment where all businesses, regardless of sector or size, can thrive,? Okoye said.

He challenged the Federal Government to show commitment to implementing actionable outcomes from the summit, warning against treating the platform as ?another talk shop.?

?This must be a catalyst for the policy coherence and reform implementation that businesses, and indeed, the country, urgently need.

?As we engage in the conversations ahead, let us remain focused on the bigger picture?fostering inclusive and sustainable development that empowers enterprises, strengthens human capital, and improves living standards across our nation,? he said.

Oyerinde further disclosed that NECA had worked closely with the Presidential Committee throughout the drafting of the tax bills and would remain actively engaged with the Federal Inland Revenue Service, the lead agency for implementation.

?We are ready to deepen our collaboration with FIRS to ensure that these reforms work in practice, not just on paper,? he added.

The Employers? Summit, themed ?Enabling Sustainable Enterprise in a Transitioning Economy: Aligning Fiscal, Trade and Regulatory Reforms for Rapid Development?, brought together policymakers, private sector leaders and civil society stakeholders to assess the policy landscape and chart a path forward for Nigeria?s economic competitiveness. (The PUNCH)

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