John Udeagbala, former President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has observed that the tax reforms introduced, by President Bola Tinubu-led administration will strengthen public finance for sustainable development.
Udeagbala, who is also the Chairman, Board of Directors, Greater Aba Development Authority (GADA), stated this in Aba, the commercial hub of Abia State, during a tax awareness workshop organised, by GADA in collaboration with the Aba Chamber of Commerce, Industries, Mines and Agriculture (ACCIMA).
The GADA Chairman said that the workshop with the theme, “Understanding the new tax laws: Implications for businesses in Aba”, was organised to enlighten the Aba community on the new tax system.
“The workshop is both timely and strategic. It comes at a period when governments at all levels are undertaking significant reforms to modernise tax administration, broaden the tax base, improve transparency, and ultimately strengthen public finance for sustainable development.
“Aba’s economic strength lies in its small businesses, its medium-scale manufacturers, and its large enterprises, all of which must operate within a regulatory environment that is fair, predictable, and well understood.”
Udeagbala disclosed that the objective of the workshop was to bridge the gap between policy and practice.
He added that with the workshop, businesses would be made to understand what the new tax laws require, what has changed, what remains the same, and how to comply without unnecessary disruption to productivity and growth.
“Having served as a commissioner of the Tax Appeal Tribunal, South-East Zone, for 6years, I recognise many features of the new tax laws, the challenges of the repealed law and the need for reforms.
He commended the Federal Government for the introduction of the office of the tax ombudsman, as contained in the Joint Revenue Board of Nigeria (Establishment) Act.
He said that with this, aggrieved persons could ventilate their grievances on matters related to tax assessment, through the office of the tax ombudsman for free.
Uche Ukeje, director general, GADA,
explained that the administration of Governor Alex Otti considered it expedient to educate the citizens, particularly the business community, on the new tax law of the Federal Government, so as to protect them and their business ventures from falling victim.
Ukeje enumerated some of the expectations of the tax law to include compulsory collection of tax from employees who earn above the minimum wage and remit the same to the State Board of Internal Revenue, and dealing with people with tax identification numbers.
He assured that GADA will provide tax desk officers in its office for continuous sensitisation of people on the new tax reform.
Eke Eleanya, first Deputy President of ACCIMA, said that understanding the new tax law will enable payers to respond willingly, stressing that as an organised private sector, the chamber was open to any idea that will boost the economic landscape of Abia and Nigeria at large.
Alphesus Udeigbo, former Chairman of Eziukwu Road Market, appreciated Governor Otti for providing the platform that has widened their knowledge on the tax implementation.
The workshop featured technical sessions with Chijioke Uwaegbute and Kenneth Erikume, tax consultants from PwC, who provided in-depth insights into what the tax reform was all about.
