The House of Representatives is currently deliberating on the four tax bills that President Bola Tinubu submitted to the National Assembly in October 2024.
During Thursday’s plenary session, which was chaired by Speaker Tajudeen Abbas, the Chairman of the Committee on Finance, James Abiodun Faleke, presented the report on the bills. At the time of this report, the lawmakers had moved into the Committee of the Whole to examine the bills on a clause-by-clause basis.
Earlier in the week, on Tuesday, Faleke had presented the report from the public hearing on the proposed legislation to the House.
The report followed the conclusion of a three-day public hearing, during which stakeholders provided input, and a thorough review of the memoranda submitted to the committee.
The tax bills presented for review include a bill to provide for the assessment, collection, and accounting for revenue accruing to the Federation, federal, state, and local governments, while prescribing the powers and functions of tax authorities. Another bill seeks to repeal the Federal Inland Revenue Service (Establishment) Act, No. 13, 2007, and establish the Nigeria Revenue Service with powers to assess, collect, and account for revenue accruable to the federal government.
There is also a bill to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman, aimed at harmonizing, coordinating, and resolving disputes related to revenue administration in Nigeria. Lastly, a bill proposes the repeal of certain tax laws and the consolidation of legal frameworks relating to taxation, while enacting the Nigeria Tax Act to govern the taxation of income, transactions, and instruments.
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