Reps to consider reports of tax reform bills today

The House of Representatives will today (Thursday) begin clause-to-clause consideration of the reports of the tax reform bills. Speaker of the House of Representatives, Abbas Tajudeen, who announced this before adjournment of sitting on Wednesday, said the whole of Thursday will be dedicated to the consideration of bills. He urged members of the house to […]

The House of Representatives will today (Thursday) begin clause-to-clause consideration of the reports of the tax reform bills.

Speaker of the House of Representatives, Abbas Tajudeen, who announced this before adjournment of sitting on Wednesday, said the whole of Thursday will be dedicated to the consideration of bills.

He urged members of the house to be available to take part of the consideration and subsequent adoption of the reports.

Daily Trust reports that the chairman of the House Committee on Finance, Rep. James Abiodun Faleke, had on Tuesday presented the reports of the consolidated tax reform bills to the house at the resumption of plenary.

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President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.

The presentation of the reports followed the conclusion of a three-day public hearing on the bills and the subsequent review of the memoranda presented to the committee as well as inputs made by various stakeholders who made their submissions during the hearing.

The reports presented to the house include report on 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)

“A Bill for an Act to Establish 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).”