Your new tax law will impact livelihood, ICAN tells Tinubu

The Institute of Chartered Accountants of Nigeria (ICAN) has commended President Bola Tinubu for signing into law four tax reform bills that address key areas of Nigeria’s fiscal and revenue framework.

Malam Haruna Yahaya, the 61st President of the institute, gave the commendation at the investiture of Sani Danbaba as the 5th Chairman of the Gwagwalada and District Society of ICAN in Gwagwalada town, Federal Capital Territory.

The News Agency of Nigeria (NAN) reports that the event also marked the inauguration of the district’s Executive Committee.

Yahaya commended the President for the novel, holistic review of the country’s tax laws, adding that the new law will be particularly beneficial to low-income earners.

The ICAN President, represented by Matthias Dafur, a Council member of the institute, stated that the new law will address tax burdens that have been in existence for over five decades.

NAN recalls that the President assented to the four tax reform bills at a ceremony held at the Aso Rock Presidential Villa in Abuja on Thursday.

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

The National Assembly passed them after months of consultations with various interest groups and stakeholders.

Speaking on the investiture and the Exco inauguration, Yahaya advised the members to work as a team to take the district to greater heights.

“They are assuming a task that is not easy. But they are capable and they are all well tested and I believe they are going to do well,” he said.

On his part, the new chairman of the district also commended Tinubu on the new tax law, noting that it has consolidated all major tax components into one legislation.

He said the new development would assist agencies and companies to grow.

Regarding his area of focus, he stated that the new team would primarily focus on micro, medium, and small-scale sector entrepreneurs in their locality to determine how they could add value to their operations.

He explained that 60 per cent of Nigeria’s economic activities were being conducted by micro, small, and medium-sized enterprises.

Also speaking, the ICAN outgone district chairman, Sosanwo Akinwunmi, congratulated the new team and urged the members to consolidate on the achievements recorded so far.