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<p>Haruna Kabir Wakili, a prominent economic analyst and public affairs commentator, has raised concerns over the Federal Government’s proposed taxation policy, warning that it could trigger widespread business closures and job losses across Nigeria. In a statement issued to journalists on Monday, Wakili acknowledged the merits of the ongoing economic reforms but cautioned against the planned tax hike expected to take effect next year.</p><div class="BBwIKAFg" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>According to Wakili, while the reforms have yielded some positive outcomes, the proposed increase in taxation poses a serious threat to the survival of small and medium-sized enterprises (SMEs). “Implementing further taxes on the majority of businesses approximately 90 percent which are already facing significant challenges, would likely result in widespread business closures and substantial job losses,” he stated in the release.</p>
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<p>Wakili further criticized the proposal to tax the entire turnover of businesses or impose levies on double-digit profit margins, describing it as “inherently problematic.” He argued that such measures could stifle growth and discourage entrepreneurship. “The plan to tax individuals whose annual earnings or transactions surpass â¦800,000 is equally questionable,” Wakili noted, adding that it would be difficult to accurately determine income based solely on account transactions.</p>
<p>In his remarks, Wakili expressed concern over the approach taken by the Presidential Tax Reform Committee, suggesting that it lacked adequate consultation with key stakeholders. “With all due respect to the Tax Reform Committee, their strategy appears to lack thoroughness and adequate engagement with those who will be most affected,” he said. He warned that if the Federal Government proceeds with the reforms as currently outlined, the consequences could be severe, leading to economic disruption and heightened financial instability.</p><div class="oK2rt7K1" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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