Nigeria’s House of Representatives has passed the second reading of the Bill on National Tax Crimes and Oversight Commission.
The Green Chamber passed the Bill on Wednesday after its lead sponsor, Hon. Benjamin Kalu, outlined its main objectives during the plenary session.
Joined by eight other lawmakers during the presentation of the draft legislation, the lawmaker explained that its purpose was to enhance the oversight of tax authorities in the country.
In his remarks, a co-sponsor of the Bill, Hon. Nweke Uche, emphasized that the establishment of the proposed commission would help in addressing the inconsistencies in tax assessment, reporting, and remittances.
Specifically, the lawmaker said: ‘’It will address revenue leakages emanating from non-payment and under-payment of taxes. If we put our tax system properly, Nigeria will do well, it will not duplicate the functions of Federal Inland Revenue Service (FIRS).”
According to him, while the primary objective of the Bill is to prevent tax-related offences and close any gap within the nation’s tax administration framework.
The lawmaker maintained that the Commission, when established, would play a crucial role in safeguarding the rights of taxpayers as well as boost revenues through a broader tax collection network nationwide.
The presiding speaker of the plenary session and lead sponsor of the Bill, Hon. Kalu referred the Bill to the House Committee on Finance for further legislative actions.
