The Institute of Chartered Accountants of Nigeria (ICAN) has applauded President Bola Tinubu for signing four tax reform measures that address critical aspects of Nigeria’s fiscal and revenue framework.
Malam Haruna Yahaya, the institute’s 61st president, delivered the recognition during Sani Danbaba’s investiture 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.
Yahaya praised the president for a comprehensive review of the country’s tax laws, stating that the new law will benefit low-income earners especially.
Matthias Dafur, an ICAN Council member, stated that the new law will address tax burdens that have existed for over five decades.
Chronicle NG reports that the president signed the four tax reform bills into law on Thursday during a ceremony at Abuja’s Aso Rock Presidential Villa.
The four bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
Following months of engagement with diverse interest groups and stakeholders, the National Assembly approved them.
Speaking at the investiture and Exco inauguration, Yahaya asked the members to work together to propel the district to new heights.
“They are assuming a task that is not easy. But they are capable, and they are all well tested, and I believe they are going to do well,” he said.
The new chairman of the district praised Tinubu for the new tax law, pointing out that it combines all important tax components into one piece of legislation.
He said the new development would help organisations and businesses grow.
Regarding his area of focus, he noted that the new team would primarily target micro-, medium-, and small-scale sector entrepreneurs in their area to identify how they could add value to their businesses.
He added that micro, small, and medium-sized firms account for 60% of Nigeria’s economic activity.
Also addressing them, Sosanwo Akinwunmi, the ICAN’s former district chairman, praised the new team and challenged the members to build on their previous achievements.
