New tax law will impact livelihood – ICAN

The Institute of Chartered Accountants of Nigeria, (ICAN), has commended President Bola Tinubu for signing into law, four tax reform bills on 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, Gwagwalada and District Society of ICAN in Gwagwalada town, Federal Capital Territory

The News Agency of Nigeria, NAN, reports that the event also witnessed the inauguration of Executive Committee for the district.

Yahaya commended the President for the novel holistic review of the tax laws of the country, adding that the new law will be of particular benefits to low income earners.

The ICAN President, who was represented by Matthias Dafur, a council member of the institute, said the new law will address tax burdens which had been in existence for over five decades.

NAN recalls the President assented the four tax reform bills at a ceremony held at the Aso Rock Presidential Villa, 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.

They were passed by the National Assembly 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 a 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, equally commended Tinubu on the new tax law, noting that it has captured all the major tax components into one legislation.

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

On his area of focus, he said the new team would dwell mainly on the micro, medium and small sector entrepreneur around their locality to see how they could add value to their operations.

He explained that 60 per cent of the economic activities going on in Nigeria were being done by the micro, small and medium sector 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.