CPS: Further consultations key to align interests on tax reform bills
Cardinal Professional Services believes additional consultations are key to align interest and get stakeholders buy-in on the tax reform bills. Emmanuel Onasami, Lead Partner at Cardinal Professional Services emphasizes the need to ensure simplicity of tax administration and compliance requirements and the role of technology. He joins CNBC Africa for more.
Wed, 11 Dec 2024 12:21:09 GMT
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- Emphasizing the need for extensive consultations to align interests and gather stakeholder buy-in on tax reform bills
- Addressing concerns and seeking clarity on threshold determination and the potential use of consultants for tax collection
- Highlighting the importance of ongoing dialogue, regional considerations, and economic realities in shaping effective tax policies
Cardinal Professional Services, a leading consulting firm, believes that additional consultations are crucial to align interests and gain stakeholders' buy-in on the tax reform bills in Nigeria. Emmanuel Onasami, the Lead Partner at Cardinal Professional Services, stresses the importance of ensuring simplicity in tax administration and compliance requirements, as well as leveraging technology in the process. These points were highlighted during a recent interview on CNBC Africa, where Onasami discussed the current state of tax reform discussions in the country.
The tax reform bills have taken center stage in recent days and weeks, sparking extensive discourse among various stakeholders. Onasami commended the increased engagement from both the political class and the general public, signaling a positive shift in interest toward tax matters. He noted that while initial consultations were conducted to gather insights and identify key areas for reform, further discussions are necessary to address concerns and align interests among stakeholders before presenting the bills to the National Assembly.
One of the key contentious issues revolves around the clarity of threshold determination and the potential use of consultants for tax collection. Onasami expressed the need for a comprehensive review of the proposed thresholds to ensure meaningful relief for the population, citing concerns that the current thresholds may not have the desired impact. Additionally, he highlighted apprehensions surrounding the use of consultants for tax collection, referencing past experiences in Lagos State and emphasizing the importance of providing reassurance to stakeholders on a national scale.
Despite the suspension of the bill debate, Onasami underscored the importance of ongoing consultations and the need to address regional and political interests to garner broad support for the reform agenda. He acknowledged the complexities and challenges associated with tax reform but emphasized the potential benefits in revitalizing the economy and driving sustainable growth.
Looking ahead, Onasami expressed cautious optimism about the outcome of further consultations and the potential for adjustments to the reform proposals. While some have questioned the timeline and urgency of the reform process, he defended the need to align the reforms with current economic realities and underscored the importance of continuous engagement to refine the policy framework.
In conclusion, the path to tax reform in Nigeria requires a delicate balance of consultation, clarity, and strategic alignment of interests. As stakeholders navigate the complexities of the reform agenda, ensuring transparency, inclusivity, and responsiveness to feedback will be critical in shaping a tax system that promotes economic growth and stability.