Tax Reform Bills Aimed at Increasing Revenue, Support Investments, Says Kalu

Adedayo Akinwale in Abuja

Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has said the major aim of the tax reform bills was to raise the revenue profile of the country and also support investments both locally and internationally.

Kalu, while speaking during a meeting on UK -Nigeria Strategic Dialogue with the Deputy Leader, House of Lords and United Kingdom Minister of African Affairs, Hon. Lord Collins of Highbury on Wednesday in London, said the existing tax laws were obsolete and needed to be amended and streamlined in line with the global best practices and standards.

The Deputy Speaker, in a statement by his media office noted that  Nigeria was the right destination for investments, and called on the UK business and the international community as a whole to increase their investment ratio in the country.

“Our tax laws have been obsolete. So, what we are trying to do now is to streamline them in line with global best practices.

“The aim is to drive revenue and also support some of the investors, who have irregular tax laws affecting their revenue, streamlining them to know what they are paying for. Not multiple taxation on the same issues,” he said.

The Deputy Speaker also said the strategic partnership between both countries would ensure continued growth and jobs creation, enhanced national security, migration, justice and home affairs, technology, automobile manufacturing, healthcare, agriculture and food security.

“UK could do more with Nigeria, knowing our history with the UK. Increase the frequency of trade missions to Nigeria like other nations because various opportunities were there beyond oil and gas; green metals, etc,” he said.

Beyond lawmaking, Kalu also hinted his hosts his intervention in the security circles especially in the South East to arrest the escalating insecurity situation.