- The tax reform bills include: The Nigeria Tax Bill 2024, The Tax Administration Bill, The Nigeria Revenue Service Establishment Bill, The Joint Revenue Board of Nigeria (Establishment) Bill 2024
The four tax reform bills submitted to the National Assembly in 2024 by President Bola Tinubu have successfully passed the second reading stage at the House of Representatives.
Eko Hot Blog reports that the bills were introduced following recommendations from the Taiwo Oyedele-led Committee on Fiscal Policy and Tax Reforms.
EDITOR’S PICK
- Cleric Calls for Ban on Valentine’s Day Celebration in Nigeria
- No Alcohol to Be Served at 2034 World Cup in Saudi Arabia
- North Korea Condemns U.S. Over Trump’s Gaza Relocation Plan
The tax reform bills include: The Nigeria Tax Bill 2024, The Tax Administration Bill, The Nigeria Revenue Service Establishment Bill, The Joint Revenue Board of Nigeria (Establishment) Bill 2024
The House of Representatives is scheduled to further debate these bills on February 12, 2025.
If approved and enacted into law, these bills are expected to streamline tax administration, enhance revenue generation, and facilitate economic growth in Nigeria.
The bill, having scaled second reading, would now be subjected to a public hearing.
The tax reform bill met with controversy, widespread criticism, and opposition, including objections from northern governors and opposition politicians.
The calls to withdraw the bills from the National Assembly reflect concerns about potential negative impacts and constitutional contradictions.
During a plenary session on Wednesday, lawmakers debated the bills, with many offering support.
However, Sada Soli, a member of the House of Representatives, expressed concern about possible contradictions with the 1999 Constitution, particularly regarding the issue of derivation.
Soli called on the responsible committee to scrutinize and address potential issues before passing the bills.
Other legislators requested that the 40 acts the bills sought to amend be presented before Parliament for review.
FURTHER READING
Concerns were raised about the provision for multiple taxation involving property purchases, which requires both buyers and sellers to pay taxes. The lawmakers urged that this issue be addressed before the bills’ passage.
