The president of the Institute of Public Accountants of Nigeria (ICAN), Chief Davidson Chizuooke Stephen Alariba, said that the Fiscal Reforma bills currently before the National Assembly, if they are transmitted, will expand the Nigeria's income flow.
Speaking at a reception organized in Lagos by the students of the student PYE in honor of Alariba and the managing director of the group, First Holdco PLC, Mr. AdEbowale Oyedeji, the president of the ICAN also registered the importance of the proposed tax bill to promote a culture of fiscal compliance.
“Fiscal laws, some of them are archaic. This tax reform bill, if it is passed by law, will try to make our tax system in line with best practices and also for once, we will do it well.
“I think that they implement, if it is implemented religiously, it will improve our income impulse, it will also improve the way we act, our consumption pattern and the Nigerian economy,” he said.
Also read: Transparency key for compliance with volunteer taxes – Prof Ali Ahmad
The president of Ican also appreciated his colleagues and friends for the warm reception.
The Association, the 1990-1994 class, has members as partners of the Institute of Public Accountants of Nigeria (ICAN) and Institute of Bankers of Nigeria (CIBN).
In his key speech, entitled “Understand the fiscal reforms of Nigeria”, the president of the presidential fiscal policy and fiscal reforms, Mr. Taiwo Oydele, requested collaboration efforts between government agencies and interested parties on the bill of tax reforms proposed, currently before the National Assembly.
He said that it is essential to guarantee fiscal deductions for the starting expenses incurred within the six years prior to the beginning of the businesses.
He said that this would foster business spirit and support new businesses.
Heyeji agreed that there is a need to reform Nigeria's tax system and expressed his admiration for the reception of his colleagues.
“The relationship imposed on GDP for Nigeria is approximately 7.1%, for South Africa it is approximately 29%and the average Africa is approximately 16%. You do not need a fortune teller to tell you that we need to do something critical about our fiscal situation. We need a reform and I think that the initiative pursued is good, ”he said.
The organizers of the event, the student class of the students of 1990-1994, congratulated the two honorees and encouraged them to continue embodying the spirit of excellence, perseverance and resistance that defined their time in the PYE students.
The organizers also urged micro, small and medium enterprises (MSME) in Nigeria to actively participate in continuous fiscal reform debates throughout the country.
They affirmed that in doing so, the MSME can reap the benefits of the proposed tax invoices, whose objective is to promote economic growth and development, once the National Assembly transmits them to the law.
The then directors of the school attended, including: Ayo Adigun; Bunmi Adeoye esq; Impola Omolehinwa; According to Eye and Joseph Akeju. The Oba Akarigbo de Remo Land, HRH, Oba Babatunde Adwale Ajayi (FCA), Torungbuwa II also attended; who is also former students of the school and the Commissioner of Finance, State of Abia, Uwaoma Ukandu; who represented the governor of the state of Abia, Alex Otti.
Nigerian tribe