By Ayo Kehinde
The House of Representatives on Wednesday passed the Tax Reform Bills for a second reading following extensive debate on their general principles.
The passage came after a motion moved by the House Majority Leader, Julius Ihonvbere, during plenary.
President Bola Tinubu had on September 3, 2024, transmitted four tax reform bills to the National Assembly, acting on the recommendations of the Presidential Committee on Fiscal and Tax Reforms led by Taiwo Oyedele, which proposed a comprehensive review of Nigeria’s tax laws.
The four bills include, “A bill for an act to establish the Joint Revenue Board, the Tax Appeal Tribunal and the office of the tax ombudsman for the harmonization, coordination, and settlement of disputes arising from revenue administration in Nigeria and for related matters, 2024
“A bill for an act to repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and enact the Nigeria Revenue Service (Establishment) Act to establish the Nigeria Revenue Service, charged with powers of assessment, collection of, and accounting for revenue accruable to the government of the federation, and for related matters, 2024.
“A bill for an act to provide for the assessment, collection of, and accounting for revenue accruing to the Federation, Federal, States, and Local Governments; prescribe the powers and functions of tax authorities, and for related matters, 2024.
“A bill for an act to repeal certain acts on taxation and consolidate the legal frameworks relating to taxation and enact the Nigeria Tax Act to provide for taxation of income, transactions, and instruments, and related matters, 2024.”
Earlier debates on the bills were suspended to allow for wider consultations amid opposition from various stakeholders.
However, leading Wednesday’s debate, Ihonvbere stated that concerns raised by the Nigerian Governors’ Forum had been resolved.
He also noted that the house engaged different caucuses to address key issues, emphasizing that the bills provide tax relief measures, including exemptions for low-income earners.
Following over four hours of debate, Speaker Abbas Tajudeen put the bills to a vote, after which they were passed for a second reading.
The bills have now been referred to the House Committee on Finance for further legislative scrutiny.
