In a statement issued by Ayo Ademiluyi, the Secretary of Radical Agenda Movement in the Nigerian Bar Association (RAMINBA) , the
Finance Act needs to be
been roundly condemned by organised private sector, the labour movement and civil society
as a grand policy to fleece the people and endanger productivity.
The statement condemned the new Finance Act whichheralds a new regime of Value Added Tax rate of 7.5 per cent, up from five per cent.
The statement viewed the new regime as a tool of turning the Nigerian people into cash cow.
The statement condemned the increase in Value Added Tax. It also submitted that it was inappropriate to compel loss-making firms to pay tax, no matter how little.
The statement noted that overburdening the Nigerian people with with taxes would further impoverish the citizens.
The statement submitted that instead of offloading the burden of cost of governance on the masses, the
government should drastically cut the cost of governance.
With effect from the 1st day of February, 2020,
thee new Act amends the Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.
Ahead of the date of commencement of new anti-peole Finance Act, the statement called for resistance to br built by the students' and labour movement as well as professional Associations such as the Nigerian Bar Association.
As RAMINBA has consistently warned, 2020 is already being unfurled as a "year of Economic Armaggedon" by all sections of the ruling elite.
Mr. Ogunlana reiterated his Radical Agenda to the Nigerian Bar Association to re-position the Association as a combative vanguard in the social rescue mission that Nigeria urgently needs to liberate itself from the hands of the jackals that have held it by the jugular.
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