By Ibrahim Muhammad The Federal Government's planned tax hike could lead to widespread business closures and substantial jo...
By Ibrahim Muhammad
The Federal Government's planned tax hike could lead to widespread business closures and substantial job losses, according to Hon. Haruna Kabiru Wakili. Despite the positive outcomes of ongoing economic reforms, the proposed tax increases would further burden businesses already struggling.
Approximately 90% of businesses would be affected, leading to severe economic repercussions. The proposal to tax business turnover or impose double-digit profit taxes is problematic. Taxing individuals earning over N800,000 annually based on account transactions is also questionable.
Hon. Wakili criticized the Tax Reform Committee's strategy, citing a lack of thoroughness and inadequate stakeholder consultation. He urged the Federal Government to reconsider the planned reforms to avoid economic disruption.
The proposed tax hike could have far-reaching consequences, including business closures and job losses. Hon. Wakili emphasized the need for careful consideration and consultation with stakeholders.
The Federal Government should prioritize the well-being of businesses and citizens, ensuring that economic reforms benefit the nation as a whole. Hon. Wakili's concerns highlight the importance of prudent policymaking.
The planned tax hike's impact on businesses and individuals could be significant. Stakeholders must be consulted to ensure that reforms are fair and effective.
Hon. Wakili's warning serves as a reminder of the potential consequences of poorly planned economic policies. The Federal Government must carefully consider the proposed tax hike's implications.
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