Reps consolidate 4 tax reform bills, begin debate
The House of Representatives on Wednesday consolidated the four tax reform bills sent to the House as the lawmakers begin debate on general principles of the bills ahead of passage for a second reading. The consolidation of the bills followed a motion by the House Leader, Prof Julius Ihonvbere following the leave granted by the […]
house of reps
The House of Representatives on Wednesday consolidated the four tax reform bills sent to the House as the lawmakers begin debate on general principles of the bills ahead of passage for a second reading.
The consolidation of the bills followed a motion by the House Leader, Prof Julius Ihonvbere following the leave granted by the Speaker, Abbas Tajudeen.
The bills consolidated by the House include: “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 (HB.1756); A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and Enact the Nigeria Revenue Service (Establishment) Bill to Establish 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 (HB.1757).
Others include: A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the
Tax Ombud, for the Harmonisation, Coordination and Settlement of Disputes arising from Revenue
Administration in Nigeria and for Related Matters (HB.1758) and 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 for Related Matters (HB.1759).
The House Leader, Prof Julius Ihonvbere, led the lead debate on the consolidated tax reform, stressing the necessity of overhauling the country’s tax reform which he described as obsolete.