Civil society organizations hold a town hall meeting in Abuja on the Nigeria Tax Bill 2024

The Situation Room, a coalition of a thousand civil society groups, has announced a town hall meeting on December 1, 2024 to discuss the proposed Nigeria Tax Bill 2024.

The Nigeria Tax Bill 2024, otherwise known as ‘An Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions and Instruments, and for Related Matters’, is aimed at reforming Nigeria’s fiscal framework.

It also aims to establish a comprehensive legal framework for the taxation of incomes, transactions and instruments

The meeting themed ‘Taxation in Nigeria: Issues, Challenges and the Future’ will examine the provisions and implications of the bill.

President Bola Tinubu recently presented the Nigeria Tax Bill 2024 to the National Assembly.

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

Key provisions of the bill include the increase in value added tax, corporate income tax, development levies and excise duties.

The Situation Room said in a statement Tuesday from executive director Dr. Vincent Ntui that the meeting will bring together scholars, civil society representatives, policymakers and stakeholders to facilitate dialogue and ensure that the bill serves Nigeria’s best interests.

According to Ntui, the town hall meeting will adopt a civil society working document outlining concerns and recommendations for the National Assembly.

He emphasized the importance of transparency, accountability and inclusivity in policymaking, which he said is one of the reasons for convening the meeting.

Parts of the statement read: “We are proud to announce that the Situation Room, a coalition of 1,000 civil society groups in Nigeria, will convene a strategic town hall meeting on December 1, 2024 to discuss the proposed Nigeria Tax Bill 2024. .

“The meeting, themed ‘Taxation in Nigeria: Issues, Challenges and the 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, which was recently presented to the National Assembly by President Bola Ahmed Tinubu, seeks to reform the Nigerian fiscal framework and establish a comprehensive legal framework for the taxation of incomes, transactions and instruments.

“However, it has raised concerns from several quarters, including governors and traditional rulers of Northern Nigeria states, who have rejected the bill, citing its inconsistency with the interests of the North and other sub-national entities.

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

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

“The town hall meeting will bring together renowned scholars and experts in taxation and economic policy, representatives of civil society groups and organizations, and policymakers and stakeholders from the National Assembly and relevant government agencies.

“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 critical for civil society groups to work with policymakers and stakeholders to ensure that the tax plan serves the best interests of the Nigerian people.

“The meeting will also see the adoption of a civil society working document to be presented to the National Assembly. This document outlines key concerns and recommendations from community groups regarding the tax bill.

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

“The town hall meeting is expected to provide a unique opportunity for stakeholders to engage in constructive dialogue and reach agreement on the tax bill.

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

“The outcome 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 navigates the complexities of tax reforms, the contributions of civil society groups will be critical in shaping a more equitable and sustainable fiscal framework for Nigeria.”

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

Special Adviser to the President on Information and Strategy, Bayo Onanuga, stressed that the Nigeria Tax Bill 2024 is aimed at eliminating unintended multiple taxes and making the Nigerian economy more competitive by simplifying tax obligations for businesses and individuals across the country .