The Situation Room, a coalition of 1,000 civil society groups, has announced a public meeting on December 1, 2024 to discuss the proposed Nigerian Tax Bill 2024.

The Nigerian Tax Bill 2024, also known as “An Act to Repeal Certain Taxation Laws, Consolidate Legal Frameworks Relating to Taxation and Enact the Nigerian Tax Law Providing for the Taxation of Income, Transactions and instruments, as well as for related matters”, is aimed at reshaping Nigeria’s fiscal framework.

It also aims to establish a comprehensive legal framework governing the taxation of income, transactions and instruments.

The meeting, themed “Taxation in Nigeria: Issues, Challenges and Future,” will review the provisions and implications of the bill.

President Bola Tinubu recently forwarded the Nigerian Tax Bill 2024 to the National Assembly.

But the bill was rejected by governors and traditional rulers of the northern states, due to alleged inconsistencies with their regional interests.

The main provisions of the bill include increasing value-added tax, corporate income tax, development taxes and excise taxes.

The Situation Room, in a statement on Tuesday by Executive Director, Dr Vincent Ntui, said the meeting would bring together academics, civil society representatives, policy makers and stakeholders to facilitate dialogue and ensure that the draft law serves the best interests of Nigeria.

The public meeting, according to Ntui, will adopt a civil society discussion paper outlining concerns and recommendations for the National Assembly.

He stressed the importance of transparency, accountability and inclusion in policymaking, which he said was one of the reasons why the meeting was called.

Parts of the statement read: “We are proud to announce that the Situation Room, a coalition of 1,000 civil society groups across Nigeria, is set to convene a strategic public meeting on December 1 2024 to discuss the Nigeria Tax Bill 2024. .

“This meeting, titled “Taxation in Nigeria: Issues, Challenges and Future”, aims to provide a platform for stakeholders to critically examine the provisions of the bill and their implications for the country.

“The proposed bill, recently forwarded to the National Assembly by President Bola Ahmed Tinubu, seeks to reshape Nigeria’s tax framework and establish a comprehensive legal framework governing the taxation of income, transactions and instruments.

“However, this has sparked concerns from various quarters, including governors and traditional rulers of the northern states of Nigeria, who have rejected the bill, citing its inconsistency with the interests of the North and other entities subnational.

“The main provisions of the bill include an increase in value added tax (VAT) from 7.5% to 10% by 2025, with further increases to 12.5% ​​from 2026 to 2029 and 15 % from 2030.

“The bill also proposes a 27.5% corporate income tax for companies with a total turnover exceeding N20 billion, a 4% development levy on taxable profits of companies and a 5% excise tax on lottery and gaming revenues, as well as telecommunications services.

“The public meeting will bring together renowned academics and experts in taxation and economic policy, representatives of civil society groups and organizations, as well as policy makers and stakeholders from the National Assembly and agencies competent government authorities.

“The meeting aims to facilitate dialogue among stakeholders and provide a platform for civil society groups to contribute to the policy-making process.

“The importance of this meeting is crucial for civil society groups to engage with policymakers and stakeholders to ensure that the tax bill serves the best interests of the Nigerian people.

“The meeting will also include the adoption of a civil society working document which will be presented to the National Assembly. This document will outline the main concerns and recommendations of civil society groups regarding the tax bill.

“These groups have been actively engaged in promoting policies that promote social justice, human rights and economic development in Nigeria.

“The public meeting is expected to provide a unique opportunity for stakeholders to engage in constructive dialogue and find common ground on the tax bill.

“By bringing together diverse stakeholders, The Situation Room aims to promote transparency, accountability and inclusiveness in the policy-making process.

“The outcomes of the meeting will inform the National Assembly’s deliberations on the tax bill and ensure that the final legislation reflects the needs and aspirations of the Nigerian people.

“As the country faces the complexities of tax reform, contributions from civil society groups will be crucial in shaping a fairer and more sustainable fiscal framework for Nigeria. »

DAILY POST reports that the Presidency, in response to concerns expressed by Northern leaders, stressed that the bill was not against the North.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has stressed that the Nigerian Tax Bill 2024 aims to eliminate unintended multiple taxation and make the Nigerian economy more competitive by simplifying the tax obligations of businesses and individuals nationwide.