The Institute of Chartered Accountants of Nigeria (ICAN) has praised President Bola Tinubu for signing four tax reform bills that are crucial to Nigeria’s fiscal and revenue framework.
Malam Haruna Yahaya, the 61st President of ICAN, expressed this commendation during the investiture of Sani Danbaba as the 5th Chairman of the Gwagwalada and District Society of ICAN in Gwagwalada, Federal Capital Territory. The event also marked the inauguration of the district’s Executive Committee, as reported by the News Agency of Nigeria (NAN).
Yahaya lauded the President for the comprehensive review of the country’s tax laws, emphasizing that the new legislation will particularly benefit low-income earners. Represented by Matthias Dafur, a council member of the institute, Yahaya noted that the new law aims to alleviate tax burdens that have persisted for over fifty years.
NAN recalls that the President signed the four tax reform bills during a ceremony at the Aso Rock Presidential Villa in Abuja on Thursday. The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These bills were passed by the National Assembly following extensive consultations with various stakeholders.
During the investiture and Executive Committee inauguration, Yahaya encouraged members to collaborate effectively to elevate the district’s standing. “They are taking on a challenging task, but they are capable and well-tested, and I believe they will succeed,” he stated.
The new district chairman also commended Tinubu for the new tax law, highlighting that it consolidates all major tax components into a single piece of legislation. He noted that this development would support the growth of agencies and companies.
Focusing on his priorities, he mentioned that the new team would concentrate on micro, small, and medium-sized enterprises in their area to enhance their operations. He pointed out that these enterprises account for 60 percent of economic activities in Nigeria.
Additionally, the outgoing district chairman, Sosanwo Akinwunmi, congratulated the new team and urged them to build on the achievements made thus far.
