The House of Representatives on Thursday adopted the report of its Committee on Finance as presented by the Chairman, Hon. James Faleke, indicating that the bills will soon be passed and send to President Bola Tinubu for his assent.
Speaking on the tax reform bills, namely Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill, Faleke on Thursday assured 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
The lawmaker 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He said: “We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs.”
In his contribution during the session, the Deputy Committee Chairman, Saidu Abdullahi, who noted that no bill in the 10th Assembly had generated as much debate as the tax reform bills, thanked the Speaker of the House, Hon. Tajudeen Abbas, for encouraging consensual approach in the deliberations of the bills among stakeholders to ensure broad-based inputs during the legislative process.
He said: “The committee’s recommendations reflect the contributions of various stakeholders. These were never seen as perfect documents. The Executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version.”
Similarly, another lawmaker, Hon. Ikeagwuonu Ugochinyere, described the tax reform legislative process as transparent, as it availed stakeholders in the public, including tax consultants, manufacturers, analysts and representatives of the Executive arm of government to contribute to the deliberations on the bills.
The legislator clarified: “In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue.
“This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage”, he added.
