Bauchi Chamber of Commerce rejects FG’s tax reform bills
The Bauchi State Chamber of Commerce, Industry, Mines and Agriculture has voiced its opposition to President Bola Tinubu’s proposed Tax Reform Bill currently before the National Assembly.
In a press release issued on Thursday, the President of BACCIMA, Aminu Danmaliki, stated that the chamber supported the stance of Bauchi State Governor, Bala Mohammed, on the bill.
Danmaliki said Mohammed’s position aligned with the collective views of northern governors, traditional rulers, and some national leaders, including the National Economic Council of Nigeria.
Danmaliki asserted, “We agree with Bala Mohammed’s statement that the Tax Reform Bill, currently before the National Assembly, is skewed to favour one section of the country. Other leaders in the country should stand up against this bill, which is designed to harm the North.”
He expressed concerns over the initial proposals in the bill, particularly regarding the Value Added Tax.
“If not for the pressure already applied, the Federal Government would not have adjusted its submission on VAT. The earlier proposal suggested that the lion’s share of VAT revenue should go to the producing states, leaving consumer states, which actually bear the tax burden, with little,” he said.
Danmaliki argued that globally, VAT operates as a consumption tax ultimately borne by consumers.
He argued that allocating VAT revenue primarily to areas where consumers reside and spend their money aligns better with international best practices.
The chamber of commerce commended Governor Mohammed for “his patriotism in urging President Bola Tinubu to reconsider the tax policy reforms,” warning that such policies could create instability if not handled carefully.
“Governor Bala Mohammed’s appeal to the Federal Government reflects a patriotic effort to prevent potential unrest and ensure equitable economic policies,” Danmaliki said.
