Tax Reform Bills: Our major aim is to drive revenue, support investments -Deputy Speaker, Kalu

By Christiana Ekpa

Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu has said that the major aim of the tax reform bills is to raise the revenue profile of the country and also support investments both locally and internationally.

He said that the existing tax laws are obsolete and needed to be twerked and streamlined in line with the global best practices and standards.

Kalu shared his perspective during a meeting on UK -Nigeria Strategic Dialogue with the Deputy Leader, House of Lords and United Kingdom Minister of African Affairs, Rt. Hon. Lord Collins of Highbury on Wednesday in London.

Recall that the National Assembly is currently considering a couple of bills aimed at reforming the fiscal climate for which the federal government is engaging the stakeholders to get their input.

The bills included the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill.

Kalu who said that Nigeria is the right destination for investments called on the UK business and the international community as a whole to increase their investment ratio in the country.

He said: “Our tax laws have been obsolete. So, what we are trying to do now is to streamline them in line with global best practices.

“The aim is to drive revenue and also support some of the investors who have irregular tax laws affecting their revenue, streamlining them to know what they are paying for. Not multiple taxation on the same issues.”

Highlighting the legislative agenda of the 10th House of Representatives, the Deputy Speaker said that the Parliament has prioritized national security, law reforms, economic growth and development, social sector reforms and development, inclusion and open parliament, foreign policy, climate change and environmental sustainability for improvement.

Kalu who is also the Chairman of the House Committee on Constitution Review added that certain key areas of reform has also been outlined in the Constitution review process.