On Thursday, the House of Representatives approved tax reform bills proposed by President Bola Tinubu, which include the Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill. This decision followed a comprehensive review of the bills and amendments during a Committee of the Whole session.
Key amendments include maintaining the Value Added Tax (VAT) rate at 7.5% rather than increasing it, and providing income tax exemptions for certain agricultural businesses and military personnel.
The passage of these bills is expected next week, as emphasized by James Faleke, Chairman of the House Finance Committee, who assured that public concerns were addressed through extensive hearings and discussions involving over 80 stakeholders.
He commended lawmakers for their engagement and expressed gratitude to President Tinubu for prioritizing the update of outdated tax laws.Deputy Committee Chairman Saidu Abdullahi noted the significant public debate surrounding the bills, highlighting the collaborative spirit among legislators and stakeholder involvement. Opposition member Ikenga Ugochinyere praised the transparency of the process and its potential to improve tax collection while supporting small businesses.
Benson Babajimi also acknowledged that various concerns, including those regarding inheritance tax and VAT, were thoughtfully incorporated. With the House’s approval, attention now turns to obtaining concurrence from the Senate.
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