The House of Representatives on Tuesday passed for third reading, the four tax reforms bills forwarded by the President Bola Tinubu in October 2024 for passage by the National Assembly..
The bills include comprised the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill 2024, the Nigeria Revenue Service Bill 2024, and the Joint Revenue Board Tax Bill, 2024.
The Green Chamber of the National Assembly had at plenary last Thursday, considered and approved the report of the House Committee on Finance after the committee had engaged the public for inputs into the draft legislation.
Speaking on the tax reform bills then, Chairman of the committee, Hon. James Faleke assured taxpayers that in view of their provisions after stakeholders had made their inputs, the tax reform bills would be widely acceptable to taxpayers and governments when finally enacted into laws
He said: “These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause.
“I am glad that House members recognised our thorough work and approved all our recommendations,” Faleke added.
While thanking Nigerians and other stakeholders, including civil society organisations, who made inputs to the draft bills during the public hearing, the committee’s Chairman commended President Bola Tinubu for prioritising tax law reforms, especially when some of the tax laws had not been amended for decades.
He said: “We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs.”
