‘Economic Growth Threatened By Unfair Tax System’

Bauchi State Chamber of Commerce, Industry, Mines and Agriculture (BACCIMA) has declared that Nigeria cannot execute sustainable economical maturation nether a one-sided strategy of accountability wherever lone businesses are compelled to comply promptly, portion authorities institutions hold their obligations without consequences.

The enclosure called for the enforcement of adjacent standards of timeliness, penalties, and involvement connected some the nationalist and backstage sectors. According to BACCIMA, accountability goes beyond fiscal compliance, it embodies fairness, justice, and the instauration of a concern situation built connected spot and communal respect.

Speaking astatine a property briefing successful Bauchi yesterday, the president of BACCIMA, Hon. Aminu Mohammed Danmaliki, said the chamber’s presumption was not a request for privilege but a telephone for equilibrium and fairness.

“If businesses are required to conscionable strict taxation deadlines nether menace of penalty, past authorities agencies similar the FIRS indispensable besides beryllium obligated to fulfill their commitments promptly, with consequences for failure,” helium stated.

Describing fairness arsenic the instauration of a credible taxation system, Danmaliki noted that Withholding Tax (WHT) refunds beryllium to the backstage assemblage until afloat reconciliation is made.

He explained that the Federal Inland Revenue Service (FIRS) presently enforces a 10% WHT deduction connected declaration sums to guarantee compliance. However, erstwhile a institution afloat meets its taxation obligations, the deducted funds are expected to beryllium refunded, a proviso that is seldom respected.

Aminu projected that WHT funds beryllium held successful jointly managed accounts, co-supervised by the FIRS and the Organized Private Sector nether the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

He stressed that Small and Medium Enterprises (SMEs), which marque up the bulk of work providers, are the worst affected by delayed payments and refunds.

According to him, punctual colony is captious to support jobs, stabilise businesses, and beforehand economical growth.

“Federal, state, and section governments indispensable beryllium legally bound to wage certified executed contracts wrong a fixed timeline, accidental 30 days. Any hold beyond this play indispensable pull involvement and penalties, conscionable arsenic companies are penalized for taxation delays,” helium added.

Danmaliki besides called for the constitution of a Joint WHT Refund Account successful selected banks, co-managed by FIRS and NACCIMA, to guarantee refunds are processed wrong 30 days. Any delay, helium insisted, should automatically pull interest.

He criticised the prevailing strategy wherever authorities agencies enforce penalties for delayed taxation remittance but look nary repercussions for withholding payments oregon refunds.

“This asymmetry of powerfulness is fundamentally unfair and economically destructive. If taxpayers look penalties for delay, authorities indispensable besides look penalties for failing to refund oregon wage contractors connected time,” the enclosure asserted.