Senate Moves to Review Tax Laws to Enhance Investment Drive

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Omololu Ogunmade in Abuja

Senate President, Bukola Saraki, wednesday said the eighth Senate would improve investment drive in Nigeria by streamlining Nigeria’s multiple taxation system.

Saraki, according to a statement by his Media Office, made the promise at the 22nd edition of the Nigerian Economic Summit in Abuja while answering questions from the audience.
He said Nigeria’s corporate taxation system needed to be reformed and revamped to get the country out of the economic recession.

“With 37 million small and medium scale enterprises providing about 95 percent of our jobs, as we promote ‘Made in Nigeria’, we must also use our legislative powers to amend the taxation laws. “To get out of this recession, we must provide a business-friendly environment,” he said.
With the theme: ‘Made in Nigeria,’ Saraki commended the organisers for “keying into Senate’s plan” to empower home-grown businesses and ensure that Nigerian brands are strong enough to be patronised by our people and exported abroad.

“Earlier this year, when in the Senate, we started the ‘Made-in-Nigeria’ campaign, we knew how important it was, but even we did not foresee how far it would go.

“To promote the patronage of our domestic businesses, the Senate has gone as far as amending the Public Procurement Act to compel government ministries, departments and agencies to key into this initiative.

“It is our hope that Nigerian businesses can begin to benefit from the over N2 trillion in government expenditure in the 2016 budget so that we can reduce the demand on foreign exchange while simultaneously creating employment, moving towards self sufficiency, increasing our GDP and boosting our Internally Generated Revenue (IGR).”

Saraki also listed bills in the works in the Senate to address recession to include: the Petroleum Industry Bill; the National Development Bank of Nigeria (Establishment) Bill; the Nigerian Ports and Habours Authority Act (Amendment) Bill and the National Road Fund (Establishment) Bill; the National Transport Commission Act of 2001.

Others are Warehouse Receipts Act (Amendment) Bill; the Companies and Allied Matters Act (CAMA); the Investment and Securities Act (ISA); the Customs and Excise Management Act; the Federal Competition Bill; and the National Road Authority Bill.