A tax professional and Chief Government Officer of AOC-Adebisi Oderinde & Co, Adebisi Oderinde, has appealed to President Bola Tinubu to shelve the plan of executing a brand new tax reform in Nigeria.
Oderinde enjoined the President to permit small and medium companies to develop at a tempo earlier than executing any tax reform, saying such a transfer would have an effect on many states.
Oderinde acknowledged this throughout the inauguration ceremony of the corporate’s Head Workplace within the Kara space of Ogun state.
The CEO, a chartered accountant and tax advisor with over 28 years of expertise, mentioned many individuals suppose that the deliberate reform is to favour Lagos State.
He nonetheless acknowledged that the state can be negatively affected if the tax reform takes impact because of the current financial challenges in Nigeria.
The tax skilled urged the President to instantly discontinue plans to lift the tax bar or some other transfer to government the tax reforms.
Oderinde mentioned, “My recommendation is for us to make hay whereas the solar shines and the journey of 1,000km begins with a step, and sluggish and regular wins the race. The nation is tough! You understand I’m a tax practitioner and as a lot as we proceed to wish for our President, he should take heed to the phrases of the elders particularly because it issues tax reform.
“This isn’t the correct time to reform any tax, we don’t want to alter any fee in the mean time. The buying energy of Nigerians could be very low. I perceive some persons are considering of VAT and likewise considering there could also be a tax derivation and all, however this isn’t the time to reform tax. Even in Lagos State that everyone thinks the reform will favour, it received’t favour them. It would slightly have an effect on Lagos state. One of many legs of the reform is the consumption tax and they’re going to cancel it. Lagos makes extra money from consumption tax than some other state within the federation.
“In addition they need to elevate the bar of PAYE, the consequence launched by NBS in 2023 reveals that the full IGR within the 36 states plus the FCT is about N2.4tn, and the PAYE in it’s about 63 per cent. In the event that they regulate the PAYE it’s going to have an effect on so many states. As a substitute of the northerners that, they’re contemplating VAT and if the PAYE is raised identical to they need to do, it’s going to have an effect on them greater than even VAT.”
In the meantime, he spoke in regards to the emblem of the corporate which reveals three colors, together with gray, pink, and blue. He mentioned the colors symbolize three levels of challenges, reduction, and breakthroughs that he and the corporate had undergone.
Oderinde added that he owed all of it to God, saying when the constructing of the workplace house commenced, he by no means believed it might be accomplished in his lifetime.
Dignitaries current on the occasion embrace the Alake and Paramount Ruler of Egbaland, Michael Gbadebo; Former Secretary to the Ogun State Authorities, Taiwo Adeoluwa; the Apena of Egbaland and father of Dimeji Bankole, former Speaker of the Home of Representatives, Alami Bankole; Olofin Isheri, Oba Sulaimon Bamigbade; and Olu of Arepo, Oba Sobowale Benson.
Others embrace the previous Managing Director of the Skye Financial institution Plc and Chairman of the Event, Timothy Oguntayo; Government Chairman of Ogun State Inner Income Service, Olugbenga Olaleye; Bishop Diocese of Lagos West of the Anglican Communion, Dr James Odedeji, amongst others.
Talking on the occasion, the Chairman of the event praised Oderinde for his integrity and diligence in all of his dealings.