A chieftain of the All Progressives Congress (APC), Chief Hyacinth Ngwu has urged Nigerians to support the Tax Reform Bills to strengthen the country’s economic recovery and growth.
The former South-East publicity secretary of APC, told newsmen yesterday in Enugu that the tax reform bills were a significant solution to the country’s economic issues.
The bills, currently before the National Assembly, seek, among other things, to harmonise and streamline tax payments to remove multiple, indiscriminate and double taxation noted in the present tax system.
Ngwu stressed that the steady growth in Nigeria’s Gross Domestic Product (GDP), as announced by National Bureau of Statistics (NBS), will be sustained and made more robust when the real sector of the economy is reactivated through the bills.
“This can be achieved with the streamlining of the tax system which the ‘Tax Reform Bills’ currently before the National Assembly is meant to achieve when passed and assented to by President Bola Tinubu.
“It has been empirically proven beyond all reasonable doubt that multiple taxation is a bane to real sector growth, particularly the Small and Medium Enterprise (SMEs).
“It is our hope that the tax holidays envisaged in the tax reform bills will boost robust growth in SMEs and this will translate into further increases in the GDP and GDP per capita,” he said.
According to the APC chieftain, other ‘economic enemies’ that need urgent solutions include insecurity in the farmlands and dilapidated rural roads.
“I must commend the presidential team for the good work they are bringing to bear on inter-state roads and stable electricity.
“I also appreciate and commend President Tinubu for initiating and pushing ahead the tax reform bills as a visionary and progressive leader,” he said.
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